Oil prices surged sharply as the Middle East conflict intensified, rattling global markets and raising concerns about energy supply. Brent crude briefly neared $120 per barrel before easing, while U.S. West Texas Intermediate also spiked, reflecting fears that ongoing hostilities could disrupt production and shipping across the Persian Gulf. Attacks on oil depots and critical infrastructure in Iran and surrounding countries, coupled with production cuts in Iraq, Kuwait, and the UAE, have tightened supply and heightened volatility. The surge in crude and natural gas prices is pushing fuel costs higher worldwide, with ripple effects across industries and inflation, particularly affecting Asian economies that heavily rely on energy imports from the region. Crude futures in India’s MCX also recorded sharp gains, underscoring the global impact of the escalating conflict.
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