World oil prices have risen sharply following a new escalation in the Middle East, where Iran attacked vessels in the Strait of Hormuz and the oil infrastructure of the United Arab Emirates. This was reported by Reuters, according to UNN.
Details
Brent crude futures rose by 5.8% to $114.44 a barrel, while U.S. WTI grew by 4.4% to $106.42.
According to the agency, Iran has attacked several vessels in the Persian Gulf over the past 24 hours and also carried out a strike on a UAE oil port, where a large-scale fire broke out.
Escalation in the region
UAE authorities stated that air defense systems repelled missile and drone attacks, while firefighters were eliminating the consequences of a strike on an oil zone.
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The U.S. military reported the destruction of six Iranian boats and the interception of missiles and drones that attempted to disrupt shipping through the Strait of Hormuz.
Attacks were also recorded on at least four merchant vessels, including those linked to South Korea and the UAE.
Risks for the market
Analysts warn that without the restoration of safe shipping, oil prices could remain above $100 per barrel.
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Gasoline prices in the US could reach $5 per gallon without the opening of the Strait of Hormuz
The Strait of Hormuz is a key route for the transportation of approximately 20% of the world's oil and liquefied gas supplies, making any escalation in this area critical for the global energy market.