Global oil prices climbed sharply on Thursday, rising to their highest level since September 2025 as markets reacted to mounting fears that a potential U.S. military strike on Iran could disrupt supplies from the Middle East. Analysts say investors are pricing in the risk of supply disruptions if geopolitical tensions escalate, especially around the Strait of Hormuz, through which a large share of global oil exports must pass. Any threat to its output or to shipping routes could tighten global supplies and feed further upward pressure on prices. Financial markets have responded strongly, with commodities such as oil and gold rising as investors seek hedges amid uncertainty. Analysts warn that even limited disruptions or the threat of supply bottlenecks can meaningfully tighten global energy markets, pushing prices further upward.