Crude oil prices have surged due to escalating Middle East conflicts disrupting supply to major buyers. As Iran, the United States, and Israel pledge to continue hostilities, China, the world's largest oil importer, is taking measures to conserve fuel.
U.S. West Texas Intermediate (WTI) crude jumped more than 7%, breaking above $80 per barrel for the first time since January 2025, while Brent crude rose above $85 per barrel.
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