TEMPO.CO, Jakarta - Crude oil prices have surged over the past week amid escalating geopolitical tensions in the Middle East, fueling concerns over potential disruptions to global energy supplies.
According to Trading Economics, West Texas Intermediate (WTI) crude oil prices climbed to around US$80 per barrel, up from US$72.33 per barrel a week earlier.
Trading Economics projects that oil prices could rise by around 12 percent in the coming week as markets continue to assess risks stemming from renewed tensions between the United States and Iran.
The increase was driven by concerns over possible disruptions to oil supplies from the Middle East after hostilities between Washington and Tehran intensified.
The United States has launched attacks targeting Iran, including an assault on oil tankers near the country's main export terminal. The incident marked the first strike on Iran's oil export facilities since Washington reinstated sanctions targeting the country's ports.
US President Donald Trump has also warned that Washington could target Iranian infrastructure if diplomatic efforts fail to resolve the dispute.
Meanwhile, Iran has reportedly instructed Houthi forces in Yemen to block the Bab el-Mandeb Strait if its energy infrastructure comes under attack. The strategic waterway is a key shipping route connecting Saudi Arabian oil exports to global markets through the Red Sea.
The escalating tensions have also affected maritime activity in the region. Vessel movements through the Strait of Hormuz, one of the world's most important oil transit routes, have declined significantly since the conflict intensified, although some oil tankers continue to pass through the waterway.
Sita Planasari contributed to the writing of this article.
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