Middle East Tensions Spark Oil Price Surge as Global Supply Chain Concerns Mount

Global oil prices surged on September 24 due to escalating tensions in the Middle East. Brent crude futures climbed around 4 percent to $107.18 a barrel, while US West Texas Intermediate (WTI) rose to $95.82. The rally followed reports of six ballistic missiles launched by Yemen's Iran-backed Houthi group toward Saudi Arabia's Taif and Yanbu.

Saudi air defences intercepted the missiles, but the attacks increased concerns over vital oil infrastructure and alternative routes around the Strait of Hormuz. Iranian officials warned that the conflict could widen if further strikes are carried out by the US or Israel.

However, oil prices later eased from their highs as reports emerged of possible diplomatic discussions between Washington and Tehran.