FEMI OWOEYE
Global oil markets erupted into fresh chaos Tuesday as war-driven supply disruptions tightened their grip, and Iran flatly rejected claims by Donald Trump that peace talks were underway.
Crude prices surged sharply, with Brent blasting past $104 and U.S. West Texas Intermediate climbing above $92, as traders reacted to a deepening crisis in the Gulf. At the heart of the turmoil is the strategic Strait of Hormuz, where nearly a fifth of the world’s oil and gas flows have been choked off, triggering what the International Energy Agency calls an unprecedented supply shock.
Despite Trump’s optimism about a possible deal, Tehran dismissed any such negotiations, fueling fears that the conflict could drag on. Analysts warn the market is now pricing in a prolonged crisis, not a quick diplomatic breakthrough.
Missile exchanges between Iran and Israel escalated tensions further, while insiders say Tehran’s stance has hardened, demanding major concessions before any serious talks can begin. Even mediation offers, including one from Pakistan, have yet to gain traction.
With energy infrastructure under attack and shipping routes crippled, experts caution that the crisis could spiral into a long-term supply crunch. Some forecasts now see oil prices rocketing toward $150 per barrel if disruptions persist, surpassing historic highs.
For now, one thing is clear: the Gulf conflict isn’t just a regional war, it’s a full-blown global energy emergency.
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