Global crude oil prices surged above $117 a barrel over the weekend, reaching their highest level since April, amid fears of renewed US military strikes against Iran and growing threats to energy infrastructure across the Middle East.
Brent crude, the international benchmark, rose by about 3.5 per cent to cross $117 a barrel before easing to slightly above $116, representing a gain of approximately 2.7 per cent.
The rally followed reports that Washington was considering fresh military strikes against Iran after the November 3 midterm elections, raising concerns that the conflict, now in its eighth month, could escalate rather than move towards a diplomatic resolution.
Iran has threatened to target oil facilities, undersea cables, data centres and artificial intelligence infrastructure across the Gulf if the United States and Israel launch another offensive against the country.
Oil prices have experienced significant volatility since the conflict began. Brent crude traded at about $72 a barrel in February before climbing to approximately $126 by the end of April as hostilities intensified and concerns over global supply security mounted.
Tensions increased further during the week after Iran’s Islamic Revolutionary Guards Corps reportedly claimed responsibility for strikes against four commercial vessels in the Strait of Hormuz on Wednesday.
The United States also ordered some diplomats and family members of American government employees to leave Saudi Arabia, which has faced continued attacks by Houthi rebels operating from Yemen.
The latest developments have heightened concerns about potential disruptions to oil shipments and critical energy infrastructure across the Middle East, a region central to global petroleum supplies.
