Noida, May 5 (APAC Media): Crude oil prices surged sharply on Tuesday, with Brent crude briefly touching around $113 per barrel, as renewed geopolitical tensions in the Middle East rattled global energy markets following reports of an attack on an oil storage facility in the United Arab Emirates, according to market data and reports.
The surge came amid growing concerns over potential supply disruptions through the Strait of Hormuz, a key global oil transit route that carries nearly one-fifth of the world’s crude shipments. Market participants reacted sharply to fears that escalating regional tensions could affect production, exports, and shipping operations across the Gulf.
Brent crude, the international benchmark, earlier settled at around $114.44 per barrel, registering gains of nearly 6% in a single trading session.
West Texas Intermediate (WTI) crude also advanced, closing near $106 per barrel, indicating broad-based strength across global energy markets.
“We will not allow threats to global shipping or attacks on international waters. The United States will continue to ensure freedom of navigation and respond decisively to any aggression in the Strait of Hormuz,” President Donald Trump said.
The immediate trigger for the rally was reported damage to the Fujairah Oil Industry Zone, one of the United Arab Emirates’ key fuel storage and export facilities.
Market participants said the incident heightened concerns that already tight global supply conditions could face further strain amid rising geopolitical risks.
“Oil prices are skyrocketing again because of weak leadership and instability in the world. Under my leadership, energy was affordable, supply was strong, and America was energy independent. This situation would not have happened if the right policies were in place,” Trump added.
Energy experts warned that any further escalation of the conflict or additional disruption to key shipping routes could keep oil prices volatile or push them higher in the near term.
However, some analysts also suggested that coordinated production measures by major oil-producing countries could help stabilise markets if geopolitical tensions ease.
Global investors are closely monitoring diplomatic and military developments in the region, along with any potential response from OPEC+ members on production and output adjustments amid heightened market volatility.
With energy markets already highly sensitive to geopolitical risks, the latest surge highlights how quickly crude oil prices can respond to supply-side disruptions in major producing regions.
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