The large-scale military conflict in the Middle East, which began after US and Israeli strikes on Iran, caused chaos in global energy markets and an increase in oil and gas prices. This was reported by the Associated Press, writes UNN.
Details
Over the past week, oil prices have shown a sharp increase: American WTI soared by 36%, reaching $90.90, and the international benchmark Brent rose by 27% to $92.69 per barrel. The main reason for the collapse was the de facto blocking of the Strait of Hormuz, through which about 20 million barrels of oil pass daily, which is one-fifth of world consumption.
Collapse in the Persian Gulf and panic at gas stations
Despite the Trump administration's statements about the possibility of a quick end to the campaign, shipping in the region has practically stopped due to high risks of attacks and the refusal of insurance companies to cover losses.
Crazy fuel prices in Europe - what's happening to the market due to the war in Iran06.03.26, 14:50
About a hundred tankers are stuck at the approaches to the Gulf, and QatarEnergy has already declared force majeure due to strikes on oil and gas infrastructure. This directly affected the cost of living in the US and Europe, where drivers are already seeing prices at gas stations that have not been seen since the 2022 crisis.
Political ultimatum and future prices
Trump, who demands "unconditional surrender" from Tehran, publicly demonstrates calm about energy instability, relying on domestic reserves and expecting a quick victory. However, experts warn: if the Strait of Hormuz remains closed for the next few weeks, the price of Brent could easily cross the $100-120 mark. American consumers are increasingly skeptical of official forecasts, fearing a protracted conflict that will change the global economy.
War with Iran triggered a sharp rise in fuel prices in the US07.03.26, 06:38