Oil Prices Surge Amidst Middle East Tensions: Largest Spike in Years

Energy markets experienced a major jolt this week as the escalating tensions in the Middle East led to the largest single-day spike in oil prices since 2022. Brent crude surged by a remarkable 4.3%, reaching $72.4 per barrel, while West Texas Intermediate (WTI) saw an even more significant increase of 5% reaching $71.4 per barrel. This surge was largely attributed to concerns about the potential disruption of global oil supply caused by the conflict.