Global oil prices surged by around 15 per cent as markets reacted to escalating concerns over a possible attack involving Iran, raising fears of supply disruptions in the Middle East, a region critical to global energy markets. The sharp increase came amid heightened geopolitical tensions, with investors responding to the risk that any military escalation could threaten oil production facilities, shipping routes, or key infrastructure. Energy experts warned that even limited conflict could have a significant impact on oil flows, particularly if it affects the Strait of Hormuz, through which a substantial portion of the world’s oil supply passes. Market participants noted that uncertainty rather than confirmed developments was driving the rally, reflecting how sensitive oil markets remain to geopolitical risks. Economists cautioned that sustained high oil prices could increase costs for consumers and slow economic recovery in several regions.