Global oil prices rose to their highest levels in two months on Wednesday amid growing concerns over supply disruptions as military tensions between the United States and Iran continued to intensify.
Brent crude climbed above USD 92 per barrel, reaching its highest level since early June, while US benchmark West Texas Intermediate (WTI) traded near USD 85 per barrel, extending gains for a fourth consecutive session.
The latest increase followed another sharp rise on Tuesday after US forces carried out strikes on military targets in southern and western Iran. In response, Iran launched attacks targeting US facilities in Bahrain, Kuwait and Jordan.
The US military said its latest operations began late Tuesday, while Kuwaiti authorities reported that their air defence systems intercepted Iranian drones during the same period.
The continued exchange of attacks has heightened fears of disruptions to global energy supplies. Concerns have also intensified after Yemen’s Iran-backed Houthi movement threatened to target vessels transporting Saudi oil through the Bab el-Mandeb Strait and announced a naval blockade against Saudi Arabia.
Analysts warn that prolonged instability could further disrupt shipping through key global oil transit routes, including the Strait of Hormuz and the Red Sea, increasing pressure on international energy markets.
Investment bank Goldman Sachs has cautioned that Brent crude could rise to as much as USD 120 per barrel if major disruptions occur in the Strait of Hormuz. However, its baseline forecast assumes regional tensions will ease, with Brent expected to average around USD 80 per barrel in the fourth quarter and USD 75 next year.
Market analysts noted that geopolitical developments are once again driving oil prices, warning that any attack on major Gulf oil export infrastructure could push crude prices towards the USD 95–100 per barrel range or higher.
