The Economic Times

Sharp rise in oil prices today: Why did oil prices surge again today? What led to Brent crude climbing above $87?

Sharp rise in oil prices today: Brent crude jumped above $87, while WTI crude hit $87.04, rising over 4% in a single session. The sharp rise in oil prices today is linked to tensions near the Strait of Hormuz. Nearly 20% of global oil supply flows through this route daily. Attacks on vessels and rising conflict risks triggered fears of supply disruption. Traders rushed to buy crude futures. Meanwhile, the International Energy Agency is discussing releasing 400 million barrels from strategic reserves. However, markets believe reserve releases may only offer temporary relief if Middle East tensions continue.