The Economic Times

Brent WTI crude oil prices jump 5% today: Why oil and gas prices are rising again despite ceasefire announcements will crude oil touch the $110 mark again?

Todays oil price surge and current oil and gas prices outlook: Oil prices jumped sharply today, with Brent crude at $98.82 and WTI near $99.47. Both benchmarks surged over 45% in a single session. This oil price surge reflects rising supply risks and fragile ceasefire conditions. The Strait of Hormuz remains restricted, limiting global oil flows. Around 20% of world energy supply depends on this route. Shipping disruptions and tanker delays are tightening supply quickly. Oil and gas prices outlook now points to continued volatility. Energy markets are reacting to real shortages, not speculation. Traders are rebuilding risk premiums aggressively. If disruptions persist, oil prices could break above $100 again soon.