Kathmandu, March 4 -- Global oil markets have reacted sharply to escalating tensions in the Middle East as the United States and Israel continue their assault on Iran, triggering fears of a prolonged disruption in energy supplies.

Although the immediate impact in Nepal has not yet been fully visible, officials at the state-owned Nepal Oil Corporation (NOC) say they are closely monitoring the situation and remain cautious about potential fallout.

After oil tanker traffic through the Strait of Hormuz came to a halt, benchmark Brent crude prices surged about 6 percent to over $77 per barrel in the global market. Prices initially spiked as high as $82 per barrel, the highest level since January 2025. On Tuesday alone, crude oil prices rose ...