Oil prices jumped sharply on Thursday, with global benchmarks climbing to multi‑month highs amid escalating conflict in the Middle East and fresh signs of supply disruption.
Brent crude futures rose more than 3%, approaching about $84 per barrel, while U.S. West Texas Intermediate (WTI) crude advanced over 3% toward roughly $77 per barrel, reflecting growing market anxiety over energy flows through the region.
The gains mark some of the strongest price moves since the Middle East conflict widened this week, as investors weighed the risk of prolonged disruptions to crude and refined fuel supplies.
Traders have focused on threats to shipping through the Strait of Hormuz, a key chokepoint through which around one‑fifth of the world’s crude passes. Attacks on vessels, heightened military operations, and shutdowns of key export routes have stoked fears that longer‑term interruptions could tighten global markets.
In a related development, China’s government has directed its major refiners to suspend diesel and gasoline exports as geopolitical risks threaten crude arrivals from the Persian Gulf.
Officials said refiners were told to stop signing new export contracts and seek cancellation of existing shipments, a move aimed at protecting domestic fuel supplies but one that could reduce refined product availability in Asia.
Efforts to calm markets, including proposals for vessel insurance and naval escorts through key shipping routes, have so far failed to ease investor concern, with markets staying on edge amid ongoing instability.
Meanwhile, data from the U.S. Energy Information Administration (EIA) showed U.S. crude inventories rose by 3.5 million barrels, providing some buffer against potential shocks, though analysts warned that geopolitical risks, rather than inventory levels, are the dominant driver of current price moves.
