Crude oil prices saw a significant surge on Wednesday, with West Texas Intermediate (WTI) and Brent crude both rising sharply due to escalating geopolitical tensions in the Middle East. This spike follows the assassination of Hamas leader Ismail Haniyeh in Tehran, reportedly by an Israeli airstrike, which has raised fears of a broader regional conflict that could disrupt oil supplies. Iran’s Supreme Leader Ayatollah Ali Khamenei has vowed retaliation against Israel, further inflaming the situation. The assassination has led to increased volatility in the oil markets, with prices jumping by over 4% for WTI and nearing $80 for Brent crude. The situation has also impacted financial markets, with investors closely watching for potential disruptions in global oil supply chains. The United Nations and other international actors are calling for de-escalation to prevent further instability in the region.