Oil prices surge in global markets as tensions between Iran and the United States push Brent crude above $106 per barrel.

Global oil markets continued their upward trend on Friday as geopolitical tensions between Iran and the United States fueled uncertainty among investors. The price of Brent crude oil rose by 1.32 percent, reaching $106 per barrel, marking a significant increase in a short period.

Analysts say that the ongoing strain between the two countries has raised concerns over potential disruptions in oil supply, especially in key shipping routes. This uncertainty has led traders to push prices higher in anticipation of possible shortages.

Meanwhile, West Texas Intermediate (WTI), another major global oil benchmark, also recorded an increase of 1.18 percent. Its price climbed to $97 per barrel, reflecting the broader upward momentum in energy markets.

In addition, Murban crude oil prices matched Brent’s rise, reaching $106 per barrel. Experts believe that if geopolitical tensions continue, oil prices could climb even further in the coming weeks.

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The surge in oil prices may have a direct impact on fuel costs worldwide, including in countries like Pakistan, where petroleum prices are closely linked to international market trends. Higher oil prices could lead to increased inflation and economic pressure on consumers.

Market watchers are now closely monitoring developments in the region, as any escalation could further disrupt global energy supplies and push prices to new highs.