Muscat: Oil Surges 3% as Middle East Hostilities Raise Supply Fears: Oil prices jumped as Iran escalated its attacks on Gulf states in retaliation for US strikes, threatening energy shipments through the Strait of Hormuz.
According to Oman News Agency, Brent crude futures rose $2.34, or 3.08 percent, to $78.35 a barrel, while US West Texas Intermediate crude gained $2.21, or 3.09 percent, to $73.62 a barrel. The escalation has also cast fresh doubt over the future of the interim US-Iran agreement signed last month, aimed at reopening the strait and ending hostilities after an additional 60 days of negotiations.
The International Energy Agency reported in its monthly update that global oil supply increased by 4.1 million barrels per day in June following the deal. However, it remains approximately 9.4 million barrels per day below pre-war levels, highlighting the ongoing challenges in stabilizing the region's energy markets.