Oil prices surge 8% amid Middle East tensions. West Texas Intermediate crude climbed to approximately USD 72 per barrel Sunday, up from USD 67 Friday, as US and Israeli strikes on Iran triggered market volatility. The Strait of Hormuz, through which roughly 20 percent of global oil supply flows daily, faces potential disruptions from regional attacks on vessels and infrastructure. With approximately 15 million barrels per day at risk, energy experts warn consumers face higher gasoline prices ahead. OPEC+ responded by announcing production increases of 206,000 barrels daily in April, attempting to stabilize markets amid geopolitical uncertainty and supply chain concerns across the critical Persian Gulf region.
