Oil Prices Surge Amid Rising Tensions in the Middle East and Supply Fears

Oil Prices Rise Amid Rising Tensions in the Middle East

Oil prices increased in trading on Friday amid growing fears of a new military escalation in the Middle East, following developments related to Iran and the Strait of Hormuz, one of the most vital corridors for global energy supplies.

Iran Releases Military Footage in the Strait of Hormuz

The surge came after Iran released footage showing its forces seizing a cargo ship in the Strait of Hormuz, coinciding with reports of Iranian air defenses engaging what they described as "hostile targets," which heightened concerns in global markets.

Brent and West Texas Intermediate Prices Show Notable Increases

According to trading data, Brent crude futures rose by $1.23 or 1.17% to reach $106.3 per barrel.

West Texas Intermediate futures also climbed by $1.07 or 1.12% to record $96.92 per barrel.

Previous Gains Strengthen Oil's Upward Trend

The two crude types had recorded gains exceeding 3% in Thursday's session, following an increase of about $5 per barrel, driven by reports of security disturbances in Iran, along with indications of internal conflict among political factions in the country.

Predictions of Record Highs if Negotiations Fail

"Haitong Futures" indicated that the current ceasefire phase seems closer to a preliminary stage for a broader conflict, warning that if negotiations between the United States and Iran fail before the end of April, oil prices could rise to new record levels this year.

Strait of Hormuz at the Heart of the Geopolitical Crisis

Iran released a video showing its forces on fast boats raiding a cargo ship, in a move seen as a confirmation of its influence in the Strait of Hormuz, through which about 20% of global oil and gas supplies pass, increasing market sensitivity to any tensions in the region.

Trump's Statements on Iranian Military Capabilities

U.S. President Donald Trump stated that Iran may have slightly enhanced its military capabilities during the ceasefire, but he emphasized that the U.S. military is capable of addressing any threat swiftly, pointing to its military superiority.

Washington Seeks Long-Term Agreement Without a Timeline

Trump confirmed that he is not setting any timeline for easing tensions with Iran, expressing a desire to reach a "big deal," adding in his remarks: "Don't rush me," referring to ongoing negotiations without a specific deadline.

Ceasefire Extended Between Lebanon and Israel

In a related context, Trump announced via social media the extension of the ceasefire between Lebanon and Israel for an additional three weeks, following a diplomatic meeting held at the White House between representatives of both parties.

Concerns Over Resumption of Military Escalation in the Region

Coinciding with these developments, reports indicated that Israel announced its readiness for the possibility of resuming military operations against Iran, which enhances fears of a return to escalation in the region and its direct impact on global energy markets.