Global energy markets recorded a record weekly increase in oil prices, which reached $100 per barrel on Sunday evening. Futures for American West Texas Intermediate oil showed a sharp jump of 20%, which was the largest indicator since the 2022 energy crisis, provoked by the war in Europe. This was reported by The Wall Street Journal, writes UNN.
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Experts from the WSJ note that the nominal record of $145.29, set in July 2008, now looks quite achievable. Over the past five trading sessions, the price per barrel has increased by more than $40, which indicates extreme market volatility.
If key logistical routes in the Middle East remain blocked, the price could update its historical maximum, taking inflation into account, reaching $215.
Impact of the Middle East factor on energy markets
The main catalyst for price growth remains the situation around the Strait of Hormuz, which is critically important for the transit of Middle Eastern oil. Analysts emphasize that any prolonged obstruction on this route will lead to a shortage of raw materials at the global level. The current price dynamics indicate that the market is already factoring in the risks of a large-scale energy crisis, similar to the events of 2008.