Global oil prices surged Thursday as escalating tensions in the Middle East raised fears of prolonged disruptions to critical energy supplies.

Brent Crude rose $2.65, or about 3.3%, to $83.99 per barrel, marking its fifth consecutive session of gains. Meanwhile, West Texas Intermediate Crude climbed $2.76, or roughly 3.7%, to $77.42.

Energy markets remain highly sensitive to developments in the region as the war involving the United States, Israel, and Iran enters its sixth day.

Strait of Hormuz Supply Risks Intensify

Investor concerns are focused on the Strait of Hormuz, a vital global energy corridor that handles roughly one-fifth of the world’s oil and liquefied natural gas shipments.

Reports indicate that Iranian forces have struck oil tankers near the waterway, while explosions were also reported close to a tanker off the coast of Kuwait.

The escalating security risks have disrupted maritime traffic throughout the region, with shipping data suggesting that hundreds of vessels remain stranded outside the strait waiting for safe passage.

More than 200 ships — including oil tankers, LNG carriers, and cargo vessels — are currently anchored off major Gulf exporters such as Iraq, Saudi Arabia, and Qatar.

Regional Production Disruptions Add Pressure

Beyond shipping disruptions, energy supply is also being affected by production challenges across the region.

Organization of the Petroleum Exporting Countries member Iraq has reportedly cut output by roughly 1.5 million barrels per day due to storage constraints and export bottlenecks.

Meanwhile, Qatar — one of the world’s largest liquefied natural gas exporters — declared force majeure on gas shipments after operational disruptions, with industry sources warning it could take at least a month for exports to return to normal levels.

Geopolitical Escalation Drives Market Uncertainty

The energy market volatility comes amid intensifying military activity across the region.

Missile strikes and naval incidents have raised fears that the conflict could widen further, threatening energy infrastructure and shipping routes throughout the Gulf.

With the war showing few signs of an immediate resolution, several traders said they expect oil prices to remain supported in the near term.

If disruptions persist in the Strait of Hormuz or regional production continues to decline, analysts warn the global energy market could face a significant supply shock.

Highlights:
Oil prices climbed more than 3% as geopolitical tensions escalated.
Shipping disruptions near the Strait of Hormuz threaten global energy flows.
Production cuts in Iraq and LNG disruptions in Qatar are tightening supply.