Global crude oil prices climbed to $106 per barrel

Global crude oil prices climbed sharply on Friday (April 24) as escalating tensions between the United States and Iran over commercial vessel seizures in the Strait of Hormuz rattled energy markets.

According to reports by Al Jazeera, the benchmark Brent crude rose above $106 per barrel in early trading, reaching $106.80 around 0100 GMT—an increase of nearly 5 per cent from the previous day.

The price surge follows renewed geopolitical friction in the Gulf region, with growing confrontation between United States and Iran over incidents involving commercial shipping in the strategically vital Strait of Hormuz.

Oil prices had already crossed the $100 mark earlier this week for the first time in two weeks, driven by concerns over potential disruptions in one of the world’s most critical energy transit routes.

Analysts say the latest spike reflects heightened market anxiety over supply security, as any prolonged instability in the region could significantly impact global crude flows.