Global oil markets saw a sharp rise in prices following Israel’s airstrike on Qatar. The sudden escalation in the Middle East has fueled concerns about supply disruptions and increased market uncertainty.
According to market data, U.S. WTI crude rose by 0.6%, reaching $62.63 per barrel, while Brent crude also climbed by 0.6%, trading at $66.39 per barrel. Analysts warn that any further instability in the Gulf region could push prices even higher in the coming weeks.
The surge in prices has added new pressure on international markets, with fears of inflation and higher energy costs. Economists believe that continued conflict may force countries to seek alternative energy routes and stockpile reserves, which could further strain supply chains.
The attack took place in Doha, where Israeli forces targeted a residential building during a meeting of Hamas leaders. While senior leadership survived, at least six people, including the son of Hamas leader Khalil al-Hayya, were killed. The strike has drawn strong regional and international reactions.
In response, Qatar’s Prime Minister announced that the country would take firm retaliatory measures against Israel. The development has heightened fears of wider regional conflict, which could severely impact oil production and transport in one of the world’s most critical energy hubs.