Global Oil Prices Spike Over 4% as Iran-Gulf Conflict Intensifies, Raising Fears of Supply Disruptions

New Delhi, July 13: Global crude oil markets witnessed a sharp rally on Monday after fresh military tensions in the Gulf region heightened concerns over energy supplies. International benchmark Brent crude climbed above USD 79 per barrel, while US crude futures also recorded gains of more than 4 per cent, reflecting growing uncertainty in global markets.

The surge in prices follows a fresh round of Iranian strikes targeting several Gulf nations, reportedly launched in response to recent US military operations in Tehran. The escalation has increased fears of disruptions along the Strait of Hormuz, one of the world’s busiest and most strategically important oil shipping routes through which a significant share of global crude exports passes.

Investors reacted swiftly to the developments, driving oil prices higher amid worries that prolonged instability in the region could affect the movement of energy supplies and international trade.

The Organisation of Islamic Cooperation (OIC) strongly criticised the attacks, describing them as a serious violation of the sovereignty of the affected countries. The organisation said the strikes undermine regional peace and stability while also posing risks to international shipping and commercial activity.

The OIC expressed solidarity with Bahrain, Kuwait, Qatar, the United Arab Emirates, Oman and Jordan, reaffirming the right of member nations to safeguard their territorial integrity and national security. It also urged an immediate end to actions that threaten maritime trade and regional stability.

Meanwhile, Oman lodged a formal diplomatic protest after reporting drone attacks on locations in the Musandam and Al Wusta governorates. Omani authorities summoned Iran’s ambassador to convey their concerns, calling for respect for national sovereignty, non-interference and peaceful relations between neighbouring countries.

The latest developments have intensified geopolitical uncertainty across the Middle East, with energy analysts warning that any prolonged disruption around the Strait of Hormuz could further increase oil prices and impact fuel costs worldwide. Markets are expected to remain volatile as investors closely monitor the evolving situation in the region.Global Oil Prices Surge Over 4% as Iran-Gulf Conflict Sparks Supply Fears