Oil prices surged early in the session as Middle East tensions keep supply disruption risks high. WTI crude oil futures climbed sharply, reflecting worries that U.S. pressure on Iran could trigger further strikes. The move underscores how geopolitical jitters continue to shape the energy market.

ANZ Research analysts say President Trump has intensified pressure on Iran, warning that the U.S. could strike additional targets if it chooses. Meanwhile, the EU has called for strict enforcement of price caps on Russian oil, a move that has dampened hopes of a new supply surge.

Front‑month WTI crude oil futures rose 7.3% to $93.62 a barrel, a jump that reflects the market’s reassessment of supply risks. Analysts note that expectations of extra Russian oil entering the market have been “squashed,” further tightening the price curve. This sharp rise signals heightened uncertainty among traders.

The surge in oil prices pushes investors to reassess risk premiums in the energy sector. With geopolitical tensions unresolved and supply expectations tightening, the market remains sensitive to any new developments. The current price level reflects a cautious stance that could influence hedging strategies and capital allocation for the coming months.