Doha: Oil prices rose more than 9 percent at settlement Thursday, amid concerns about a prolonged supply disruption due to the ongoing war in the Middle East. Brent crude futures rose $8.48, or 9.22 percent, to settle at $100.46 a barrel, their highest level since August 2022. West Texas Intermediate (WTI) crude futures also rose $8.48, or 9.72 percent, to settle at $95.73 a barrel.

According to Qatar News Agency, the sharp increase in oil prices is attributed to fears of extended instability in the Middle East, a key region for global oil production. The ongoing conflict in the area has raised alarm over potential disruptions in oil supply, which has significantly impacted market dynamics and driven prices upward.

Market analysts are closely monitoring the situation, as any further escalation could lead to more volatility in oil prices. The current rise in prices reflects traders’ concerns over the security of oil supply chains and the potential for prolonged geopolitical tensions in the region. The situation remains fluid, with global economic implications as nations brace for possible changes in energy costs and availability.