Oil prices have experienced a significant surge due to escalating tensions in the Middle East, a key region for global oil production. The recent geopolitical developments have led to concerns over potential disruptions in oil supply, prompting traders to react swiftly. As a result, Brent crude2 and WTI crude3 futures have both seen substantial increases, reflecting the market's sensitivity to geopolitical risks1. Analysts suggest that if the situation deteriorates further, we could witness even higher volatility in oil prices.