Global Oil Prices Spike as Middle East Instability Deepens

Oil prices surged to their highest levels in over a year as tensions in the Middle East continued to escalate this week. Brent crude rose by 3.7% to $92.50 per barrel on Thursday, driven by concerns over disrupted supply chains and ongoing geopolitical uncertainty in the region.

Analysts warn that prolonged instability could have broader implications for global energy markets and inflation rates, especially in oil-dependent economies.