### 📈 Global Oil Prices Surge Amid Widening Middle East Conflict

Oil prices climbed on Thursday as the U.S.-Iran war severely disrupts energy flows and forces major production cuts. • Price Movements: Brent crude rose by US$ 1.67 (+2.05%) to US$ 83.07 per barrel. WTI crude increased by US$ 1.94 (+2.60%) to US$ 76.60 per barrel. • Supply Chain Disruptions: The Strait of Hormuz, a conduit for 20% of global energy consumption, remains at a near-halt for the fifth day. Approximately 329 oil vessels are currently trapped in the Gulf. • Regional Impact: • Iraq: Cut output by nearly 1.5 million barrels per day due to lack of storage and export routes. • Qatar: Declared force majeure on gas exports; recovery to normal volumes may take at least a month. • Conflict Context: Hostilities widened following a U.S. strike on an Iranian warship off Sri Lanka. While critical infrastructure remains largely intact, J.P. Morgan notes that elevated shipping risks and logistical constraints are the primary drivers of price volatility. • Economic Outlook: Most oil fields can restart within 2-3 weeks once logistics improve, but current reservoir pressure issues in Iraq and regional storage limits remain significant hurdles for global energy markets.