Global oil prices opened higher on Sunday as escalating conflict in the Middle East continued to disrupt global energy supplies and raise concerns among investors.
At about 0015 GMT, the U.S. benchmark West Texas Intermediate crude rose slightly by 0.01 percent to $98.72 per barrel. Meanwhile, Brent Crude, the international benchmark, increased by 0.6 percent to $103.76 per barrel.
The rise comes amid ongoing hostilities involving the United States and Israel against Iran, which began with strikes on Iranian targets on February 28 and have since disrupted key energy infrastructure.
Market analysts say the conflict has significantly affected oil supply routes and production levels in the region. Oil prices have surged between 40 and 50 percent since the attacks began, as Gulf producers cut output and several oil tankers remain stranded in regional waters.
The closure of the Strait of Hormuz—a critical shipping route that normally handles about 20 percent of global oil and gas exports—has further intensified supply concerns.
In the stock markets, Kospi in South Korea rose 1.3 percent in early Asian trading, while Japan’s Nikkei 225 remained largely unchanged.
U.S. Energy Secretary Chris Wright described the current surge in prices as “short-term pain,” expressing hope that the conflict could be resolved within weeks.
However, the International Energy Agency warned that the ongoing war is creating what it described as the largest supply disruption in the history of the global oil market.
The situation has also been worsened by attacks on Iranian facilities, including the major oil export hub at Kharg Island, further tightening global energy supplies and raising fears of prolonged economic impact.
