Brent crude oil prices increased by $1.44, or 1.32%, reaching $110.70 per barrel — the highest level recorded since May 5. Meanwhile, West Texas Intermediate (WTI) crude prices also climbed significantly, rising by $1.84, or 1.75%, to $107.26 per barrel, marking their highest level since May 4.
Foreign media reported that the continued failure of efforts to end the conflict involving the United States, Israel, and Iran, along with an attack on a nuclear facility in the United Arab Emirates, have intensified fears over global oil supply disruptions.
Analysts also pointed to growing concerns surrounding the Strait of Hormuz, where hopes for a peace agreement to end attacks on commercial vessels and ship seizures have reportedly diminished. As a result, both major oil benchmarks recorded gains of more than 7% over the past week.
The Strait of Hormuz remains one of the world’s most critical oil shipping routes, and any instability in the region is closely watched by global energy markets.
