The escalating conflict between Iran, the US, and Israel is beginning to impact the oil market. WTI and Brent crude prices have surged past $106 per barrel, raising concerns about global supply chains and inflation.
बाजार में हाहाकार, कच्चा तेल 100 डॉलर के पार, ईरान-अमेरिका-इजरायल जंग का असर
The impact of the escalating military conflict between the US, Israel, and Iran is now clearly visible on the global economy. At the start of the trading week, international crude oil prices surged sharply, surpassing the $100 per barrel mark. Escalating tensions in the Gulf region have raised fears of energy supply disruptions, creating a sense of concern in markets worldwide.
Significant Surge in Oil Market
On Monday, the price of US benchmark WTI crude rose by $15.66 to reach $106.56 per barrel, a massive gain of approximately 17.23 percent. Brent crude also rose by $14.23 to reach $106.92 per barrel.
Previously, oil prices hovered around $90 until Friday, but the market’s dynamics changed after the situation in the Middle East deteriorated over the weekend.
War and Attacks Increase Tensions
The surge in crude oil prices is primarily due to the conflict between Iran and the US-Israel that has been ongoing for the past ten days. The US and Israel have targeted Iranian military and energy facilities, reportedly including a major fuel depot in Tehran.
In retaliation, Iran has attacked US assets and Israeli-linked facilities in the Gulf region. Reports of military bases in Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates have further fueled the energy market.
Will oil prices rise further?
A major concern for energy experts is the Strait of Hormuz. This sea route is considered crucial for the global supply of crude oil. Iran has not yet closed this route, but has warned that if the conflict escalates, any merchant vessel belonging to the US or Israel could be targeted. Any disruption to this route could lead to a further sharp rise in global oil prices.
US Response and Global Concern
Rising prices are also causing a stir in the US. US Energy Secretary Chris Wright has attributed the current surge to market panic and said the surge could be temporary.
Meanwhile, White House Press Secretary Caroline Levitt stated that action against Iran’s current regime could prove beneficial to the oil industry in the long run.
Meanwhile, US President Donald Trump also responded via social media, saying that while the conflict has driven up oil prices, it should be viewed as the price of security. He believes that once Iran’s nuclear threat is eliminated, oil prices could fall sharply.
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