Global oil prices surged again on Thursday as attacks on shipping and energy infrastructure intensified in the Middle East.

Traders reacted to fears that the conflict could severely disrupt global crude supplies moving through key transport routes.

Brent crude briefly climbed near the 100-dollar mark per barrel as markets priced in potential shortages. Energy analysts say the situation has created one of the most volatile oil markets in years.

The crisis has largely centered on disruptions around the Strait of Hormuz, one of the world’s most important oil shipping routes.

Roughly one-fifth of global oil normally passes through the narrow waterway connecting the Persian Gulf to international markets.

Reduced tanker traffic and security concerns have slowed shipments significantly.

Energy companies and traders are now scrambling to secure alternative supply routes and adjust shipping schedules. Several tankers have reportedly been delayed or rerouted due to heightened risks in the region.

Higher freight costs and insurance premiums are also adding pressure to global energy markets.

The International Energy Agency has warned that the disruption may represent one of the largest supply shocks in modern energy market history.

Governments are considering the release of strategic petroleum reserves to stabilize prices and ease supply shortages.

Economists say sustained oil price increases could push inflation higher across many economies. Rising energy costs tend to raise production and transportation expenses for businesses.

If the disruption continues, the global economy could face slower growth and increased market volatility.

Source: Reuters