Global energy markets moved higher on Thursday as crude oil prices recorded strong gains, driven by supply concerns and renewed geopolitical tensions affecting key shipping and production routes worldwide.
WTI crude oil in the United States climbed by 3.01 percent, settling at $97.25 per barrel, while Brent crude rose 2.08 percent to reach $96.72, signaling bullish momentum across major international benchmarks.
Gasoline prices also increased nearly one percent to $3.032, reflecting expectations of tighter fuel supplies. Natural gas prices, however, remained mostly stable, recording only a marginal 0.04 percent increase during trading.
In contrast, Murban crude from the United Arab Emirates remained unchanged at $97.64 per barrel, providing relative stability within Middle Eastern markets despite ongoing uncertainty affecting global energy flows.
Analysts linked the price surge to weaker-than-expected inventory data and escalating geopolitical tensions following Israeli strikes in Lebanon, which disrupted tanker movements and raised concerns about shipping security near strategic routes.
Meanwhile, U.S. Vice President JD Vance stated that traffic through the Strait of Hormuz was “starting to reopen,” though traders remain cautious as markets approach the critical $100-per-barrel threshold.
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