Oil prices jumped 5 percent in global markets today, extending gains amid escalating tensions between the US and Israel with Iran, which have disrupted supply chains and shipping operations, prompting major producers to cut output.
Brent crude rose $4.09, or 5.02 percent, to nearly $87 a barrel, marking its fifth consecutive session of gains.
US West Texas Intermediate crude climbed $6, or 8.04 percent, to $80.66 a barrel.
This surge is attributed to market uncertainty, with investors fearing disruptions
to tanker traffic through the Strait of Hormuz and other maritime trade routes due to the ongoing military escalation. This has led some major producers to make precautionary adjustments to their production levels to mitigate the increased logistical risks.