The Economic Times

Oil price today: Why did Brent surge above $100 as WTI jumps 5% after Hormuz crisisand could oil reach $200?

Oil price today: Global oil markets are suddenly on edge. Brent crude briefly surged above $100 per barrel, the highest level in over a year. Around 20% of the worlds oil supply moves through this narrow waterway, making any disruption a major shock to global energy markets. At the same time, U.S.Israel military operations targeting Iran-linked facilities have pushed geopolitical risk premiums sharply higher. Traders are now pricing in potential supply disruptions across the Middle East. Meanwhile, Brent Crude briefly crossed $100, while West Texas Intermediate jumped nearly 5% to about $96.50 per barrel, triggering fresh fears of inflation and energy shortages across Asia and Europe.