Doha: Oil prices jumped nearly 7 percent on Wednesday, driven by tensions in the Middle East that fueled concerns about supply disruptions. Brent crude futures rose $6.16, or 7.33 percent, to $90.25 a barrel. U.S. West Texas Intermediate crude futures also climbed $5.40, or 6.81 percent, to $84.65.
According to Qatar News Agency, the increase in oil prices comes as geopolitical tensions in the Middle East raised fears of potential disruptions in the oil supply chain. The heightened uncertainty has led to a significant rise in crude futures in both Brent and U.S. West Texas Intermediate markets, reflecting the market's sensitivity to geopolitical developments in key oil-producing regions.