Global oil prices have spiked following Israel’s airstrikes on Iran’s nuclear and military sites. Brent crude surged by over 8%, reaching $75.17 per barrel, while WTI crude climbed 9.3% to $74.42, marking its highest increase in over five years.

The sudden rise in oil prices reflects concerns over potential disruptions in Middle Eastern supply chains. Analysts warn that if tensions escalate, crude prices could approach $100 per barrel or higher.

Iran is expected to retaliate, which could further impact oil distribution, especially through the Strait of Hormuz, a critical passage for nearly 20% of the world’s oil supply.

With global markets reacting swiftly, energy traders are closely monitoring developments to assess the long-term impact on oil prices and economic stability.