Brent and WTI crude climb in early Asian trading as tensions in the Middle East fuel fears over global energy supplies…..
Global oil prices rallied by more than three percent in early Asian trading on Wednesday after the U.S. military said it intercepted several missiles launched by Iran, reigniting concerns over potential disruptions to global energy supplies.
As of around 0015 GMT, West Texas Intermediate (WTI) crude rose 3.67% to $82.17 per barrel, while Brent crude, the international benchmark, gained 3.39% to trade at $86.94 per barrel.
The sharp increase came as investors closely monitored developments in the Middle East, with renewed geopolitical tensions raising fears that any escalation could threaten oil exports from one of the world’s most critical energy-producing regions.
Despite the heightened tensions, U.S. President Donald Trump struck a cautiously optimistic tone, suggesting there was still room for diplomacy to end the conflict that began in late February.
Speaking to reporters aboard Air Force One, Trump said he remained hopeful that ongoing diplomatic efforts could produce a breakthrough.
“I have a lot of patience… We’ll see what happens,” he said. “I think there is a good chance that something could happen.”
Meanwhile, reports indicated that Oman and Iran are engaged in discussions aimed at restoring normal shipping through the Strait of Hormuz, one of the world’s most strategically important maritime trade routes.
The Strait of Hormuz handles roughly 20% of global oil and liquefied natural gas (LNG) shipments, making any threat to navigation through the waterway a major concern for global energy markets.
Market participants are expected to keep a close watch on geopolitical developments in the region, as further escalation could trigger additional volatility in crude oil prices and broader financial markets.
