Brent crude oil futures jump over 5% on Middle East supply fears

ISTANBUL

Brent crude oil futures rose more than 5.2% to exceed $107 per barrel on Thursday, extending gains as the Middle East conflict continued to fuel fears of a prolonged supply disruption and keep markets on edge.

Brent had already been pushed sharply higher in recent weeks by war-driven disruption around the Strait of Hormuz, a vital route for global oil flows.

Oil markets have remained highly sensitive to developments in the region, with analysts warning that any continued interruption in Hormuz traffic could drive prices even higher.

The latest move above $107 marks a fresh escalation from levels seen earlier this month, when Brent settled at $92.69 on March 6, and $91.98 on March 10, amid intensifying supply concerns.

While the White House said peace talks were continuing, Tehran rejected US proposals and put forward its own conditions, including sovereign control over the strategic shipping lane.

Investment management firm BlackRock's President Rob Kapito warned Tuesday that markets may be underestimating the risks stemming from the conflict. He said oil could still rise to $150 a barrel even if the war ended immediately, as supply chains would need time to recover.

Iran’s Foreign Minister Abbas Araghchi said Wednesday that no negotiations were taking place with Washington on ending the war, contradicting statements from the White House.

US President Donald Trump on Thursday called Iranian negotiators “different and strange,” urging them to “get serious” about the US peace proposal "before it is too late.”

ISTANBUL

Brent had already been pushed sharply higher in recent weeks by war-driven disruption around the Strait of Hormuz, a vital route for global oil flows.

Oil markets have remained highly sensitive to developments in the region, with analysts warning that any continued interruption in Hormuz traffic could drive prices even higher.

The latest move above $107 marks a fresh escalation from levels seen earlier this month, when Brent settled at $92.69 on March 6, and $91.98 on March 10, amid intensifying supply concerns.

While the White House said peace talks were continuing, Tehran rejected US proposals and put forward its own conditions, including sovereign control over the strategic shipping lane.

Iran’s Foreign Minister Abbas Araghchi said Wednesday that no negotiations were taking place with Washington on ending the war, contradicting statements from the White House.

US President Donald Trump on Thursday called Iranian negotiators “different and strange,” urging them to “get serious” about the US peace proposal "before it is too late.”