Global oil prices have risen sharply today as growing attacks on oil tankers in the Gulf and Strait of Hormuz increase fears of disruptions to the world’s oil supply.
Brent crude, one of the main international oil benchmarks, climbed above $100 per barrel, reaching around $102.28, while U.S. West Texas Intermediate (WTI) rose to about $89.94 per barrel.
The increase is largely linked to the growing security risks around the Strait of Hormuz, an important route for global energy supplies. Before the current conflict, roughly 20% of global oil and fuel shipments passed through the waterway.
A tanker near the northern coast of Qatar was recently hit by multiple projectiles, with casualties reported. There have also been several attacks and attempted attacks on tankers in the region, increasing concerns among oil traders and shipping companies.
The rising oil prices could have wider effects on the global economy. If the situation continues and oil supplies become more difficult or expensive to transport, fuel, transportation and other goods could become more expensive in countries around the world.
The International Energy Agency has been working on measures to increase available oil supplies, including releasing emergency stocks, but analysts warn that these measures can only provide temporary relief
