GLOBAL: Oil prices surged to their highest level since late September 2025 as fears of a possible US military strike on Iran raised concerns over supply disruptions from the Middle East. Brent crude climbed above $71 per barrel, while US West Texas Intermediate rose to around $65, marking gains of over five percent since Monday. Market sentiment was driven by escalating geopolitical tensions after the United States increased pressure on Iran over its nuclear program and deployed naval assets to the region. Iran, the fourth-largest oil producer in OPEC, produces about 3.2 million barrels per day, and any disruption to its exports or regional shipping routes could tighten global supply. Energy markets remain highly sensitive to developments in the Middle East, where even limited conflict can sharply impact oil prices.
