Global oil prices surge nearly 6% amid Middle East tensions

Global oil prices rose nearly six percent amid the ongoing escalation of the conflict in the Middle East, according to trading data from the London-based ICE exchange.

The price of the benchmark North Sea Brent crude for June delivery increased by 5 percent, reaching $100.73 per barrel. May contracts for West Texas Intermediate (WTI) rose 5.9 percent, hitting $93.33 per barrel. By Tuesday evening, global oil prices had surged 5–6 percent, according to market data.

“The reality on the ground is unchanged. The Strait of Hormuz remains effectively closed and ​supply disruptions linger, tightening the market,” said Nikos Tzabouras, an analyst at Tradu.com, as cited by Reuters.

Amid energy supply disruptions caused by the Strait of Hormuz blockade, the European Commission (EC) has postponed the release of a plan to ban Russian oil imports, which was scheduled for discussion at the April 15 meeting. According to EC spokesperson Anna-Kaisa Itkonen, member states remain committed to issuing the proposal.