Global oil prices surge amid escalating Middle East tensions

In a volatile global energy market, crude oil prices surged on Monday in response to the escalating Israel-Hamas conflict, which had entered its third day with significant casualties on both sides

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Brent crude, the international benchmark, saw a rapid increase of approximately 5 percent before experiencing some correction.

As of the latest report, crude oil prices were trading at USD 87.61 per barrel, marking a 3.52 percent increase from the previous week’s closing. WTI crude oil also rose by over 3 percent, reaching USD 85.96 per barrel, though it had briefly touched USD 87.23 during the day. These price hikes added to existing concerns about global inflation, which had been driven by supply issues due to output cuts by certain oil-producing nations.

The conflict in the Middle East had already claimed a substantial toll, with at least 700 reported casualties in Israel and 300 on the Palestinian side. The turmoil in the region had raised significant concerns about its impact on the oil and energy sector.