Global Oil Prices Surge to USD 80 per Barrel

Global crude oil prices soared over the past week amid rising geopolitical tensions in the Middle East. According to data from Trading Economics, the price of West Texas Intermediate (WTI) crude reached US$ 80 per barrel, up from US$ 72.33 per barrel the previous week.

Trading Economics estimates that oil prices could rise by approximately 12 per cent in the coming week. The surge was triggered by mounting market concerns over potential supply disruptions from the Middle East following renewed conflict between the United States and Iran.

The United States launched strikes against Iran, including an attack on an oil tanker near the country’s main export terminal. The incident marked the first strike on Iranian oil export facilities since Washington re-imposed a blockade on Iranian ports. President Donald Trump also warned that the US could target Iranian infrastructure if diplomatic efforts fail.

In response, Iran reportedly instructed the Houthi group in Yemen to close the Bab el-Mandeb Strait, a strategic shipping lane that serves as an export route for Saudi Arabian oil via the Red Sea, should its energy infrastructure be attacked.

The heightened tensions have also affected maritime traffic in the region. Vessel activity through the Strait of Hormuz, one of the world’s most critical oil distribution chokepoints, has reportedly declined sharply since the escalation, although some tankers continue to traverse the waters.