Oil Prices Surge Amid Middle East Supply Concerns and Global Demand Rise

Oil prices jumped over 4% on March 12, 2026, driven by escalating tensions in the Middle East and stronger-than-expected global demand. Brent crude rose to $95.40 per barrel, its highest level since late 2024, according to Reuters. Analysts attribute the surge to supply fears following recent disruptions at key oil facilities in the region. Additionally, robust economic data from China and the US has boosted expectations for higher energy consumption worldwide. Commodity markets also saw gains in metals and agricultural products, reflecting broad optimism about economic growth. The price rally underscores ongoing volatility in global energy markets amid geopolitical risks and shifting demand patterns.