Global crude oil prices have surged to nearly $110 per barrel amid escalating tensions between the United States and Iran, while concerns over supply disruptions continue to put upward pressure on the market.

According to reports, prices for physical crude oil cargoes across the Middle East, Europe, and Africa climbed to their highest levels in two months this week. The global benchmark Dated Brent rose to $105.70 per barrel on Thursday, marking its highest level since late May and surpassing $100 per barrel for the first time since early June.

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Analysts say growing concerns over potential supply disruptions linked to the conflicts involving Iran and Ukraine have prompted buyers to secure alternative sources of crude for immediate delivery.

Meanwhile, Kazakhstan announced that a key crude oil export terminal on the Black Sea was forced to shut down following alleged Ukrainian drone attacks. As a result, the country's oil production has fallen to approximately 460,000 barrels per day.