International oil prices see largest single-day surge in years

International oil prices have experienced the largest single-day percentage increase in years, reflecting concerns that the escalation of conflict in the Middle East could lead to severe disruptions in energy supply. Brent crude prices surged as much as 4.3% to $72.4 per barrel, while WTI crude prices rose as much as 5% to $71.4 per barrel. According to Reuters, this marks the largest single-day gain for both benchmark contracts since March 2022, one month after the full-scale outbreak of the Russia-Ukraine conflict. Ahmad Assiri, a research strategist at financial services firm Pepperstone, wrote that the surge in Brent crude prices indicates both “imminent supply concerns and a growing sense that negative news could prolong the escalation, unlike previous Israel-Iran conflicts.” (Jin10)