Global oil prices rose sharply at the start of trading this week amid concerns about possible supply disruptions. US crude oil prices jumped nearly 8% in early trading, briefly reaching around $72 per barrel before easing to about $71 later. Brent crude, the global benchmark, recorded an even stronger increase. It gained more than 12% to nearly $82 per barrel before falling back below $78. Brent had closed at just over $73 per barrel at the end of last week.
The sharp movement reflected market anxiety over possible disruptions to global oil supply. Analysts noted that prices had already been moving upward in recent days as traders anticipated tighter supply conditions.
The rise in oil prices also affected global financial markets. Futures linked to major US stock indexes, including the S&P 500, Nasdaq and Dow Jones, fell by around 1%. However, shares of major energy companies moved higher. Oil producers gained nearly 2% as investors expected stronger earnings due to higher crude prices.
Market experts said the sharp rise in oil prices was significant but still within market expectations. Traders believe the supply disruptions may be temporary. However, uncertainty over future supply conditions continues to keep markets cautious.
Analysts warn that any long disruption in oil production or major global shipping routes could push crude prices close to $100 per barrel or even higher. A further rise in oil prices could increase fuel costs worldwide and add pressure on inflation.
Oil markets remain highly sensitive to supply risks, as even limited disruptions in one region can influence prices globally. As a result, volatility in energy prices is expected to continue in the near term.
