Muscat: Oil prices today surged in early trade on concerns of disruption to energy markets following US reckless attack on Iran’s nuclear facilities. Brent and the main US crude contract WTI both jumped more than four percent to hit their highest price since January. They pared these gains, however Brent was up 2.2 percent at $79.20 per barrel and WTI was 2.1 percent higher at $75.98.

According to Oman News Agency, the market reaction comes amid fears that the attack could lead to significant disruptions in the global oil supply chain. Iran is a key player in the global oil market, and any instability in the region has historically led to fluctuations in oil prices. The attack has raised concerns over potential retaliatory measures that could further impact the flow of oil from the region.

The increase in oil prices is likely to have a ripple effect on various sectors, including transportation and manufacturing, which are heavily reliant on oil. Analysts are closely monitoring the situation to assess the longer-term implications for global energy markets. The geopolitical tensions also add uncertainty to the global economic outlook, which was already facing challenges from other factors.