Oil prices jump over 8% as Middle East tensions revive supply fears
Crude oil prices surged on June 1, with Brent climbing to $97.79 a barrel and U.S. WTI rising over 8% above $94.70, driven by fresh Middle‑East tensions and fears of prolonged supply disruptions in the Strait of Hormuz. The spike threatens higher input costs for oil‑importing economies such as India.