WTI crude jumps 6% to $75.87 amid Middle East tensions

WTI crude prices surged, reaching between $75.87 and $77.77, due to US-Iran tensions in the Strait of Hormuz and Middle East instability. These geopolitical frictions are causing significant volatility and may lead to long-term increases in global oil prices. Consequently, this trend is expected to heighten global economic uncertainty and impact energy-dependent industries. The situation in key oil regions continues to drive these price jumps, reflecting the sensitivity of global markets to regional conflicts.