Crude oil prices climbed to multi-week highs as tensions in the Gulf deepened following drone attacks and concerns over possible US military action against Iran.
Global oil prices have surged amid rising tensions in the Gulf region and recent attacks on energy facilities.
Brent crude prices in the global market have exceeded $111 a barrel, while US crude has also reached a multi-week high.
Experts say the Iran dispute and growing concerns in the Strait of Hormuz have made investors cautious.
Concerns over the security of energy infrastructure in the Gulf region have increased after reports of an attack on the United Arab Emirates’ Barakah nuclear plant.
Emirati officials have said that an investigation into the elements responsible for the attack is underway, and the country reserves the right to defend itself.
Meanwhile, Saudi Arabia has claimed that it has destroyed three drones that entered its airspace.
Analysts say the incidents have raised concerns that tensions between Iran and the United States could escalate further, threatening to disrupt global oil supplies.
US President Donald Trump is reportedly discussing possible military action against Iran with his national security advisers.
Market observers say that if the situation in the Strait of Hormuz worsens, global oil prices could rise further.
The US decision to end some concessions on the purchase of Russian oil has also added to market uncertainty.
Experts say the current situation could create a new crisis for the global energy market, especially at a time when the world is already dealing with supply chain problems.
