Oil jumps over 5% as Iran threatens strikes on Gulf energy sites

Global oil prices moved sharply higher on Thursday, March 19, as escalating tensions in the Middle East renewed concerns over the stability of energy supplies.

According to France 24, the price of Brent crude surged by 5.1%, reaching $112.84 per barrel. US benchmark West Texas Intermediate also rose, gaining 2.5% to $98.69 per barrel.

The increase followed fresh threats from Iran, which warned it could target energy infrastructure in the Persian Gulf in response to an earlier attack on one of its key gas fields. The developments have intensified fears of further disruptions to oil flows from the region, a critical hub for global energy supply.

By Tamilla Hasanova