Brent Crude Oil Futures Post Major Increases
Brent futures climbed 5.7% to $114.2 as of 1937GMT, while West Texas Intermediate (WTI) futures surged 6.18%, pushing past the symbolic $100 mark.
The price rally reflects deepening market anxiety over the ongoing conflict in Iran, which erupted on Feb. 28 following joint U.S.-Israeli strikes on Iranian targets. Retaliatory Iranian attacks on energy infrastructure across the Gulf region have compounded supply fears, keeping commodity markets in a state of acute volatility.
The cumulative toll on oil prices since late February has been staggering — Brent crude futures have surged approximately 45%, while WTI has recorded a 40% gain over the same period, marking one of the most dramatic energy price rallies in recent history.
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