The cost of oil on international markets has recorded its most rapid rise since 2022, driven by large-scale disruptions in energy supplies due to the active phase of the war in the Persian Gulf. This is reported by Bloomberg, writes UNN.
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The price of West Texas Intermediate (WTI) jumped 18% during the week, although on Friday, March 6, there was a slight correction to $79 per barrel after Donald Trump's statements about preparing emergency measures to stabilize the fuel market.
The critical situation around the Strait of Hormuz, which has effectively ceased to function as a transport artery, is forcing leading exporters and importers to seek alternative routes amid continuous airstrikes on the region's oil infrastructure.
Blockade of the Strait of Hormuz and the reaction of key exporters
The escalation of hostilities, ongoing since February 28, has led to a complete halt of shipping in the world's most important oil hub, which immediately affected the cost of raw materials. Saudi Arabia has already announced the largest price increase since August 2022 for its main oil for Asian consumers for April.
No oil tanker passed through the Strait of Hormuz today - Media05.03.26, 21:35
To avoid the conflict zone, Riyadh began emergency rerouting of millions of barrels of crude oil to Red Sea ports, trying to maintain export stability amid reports of damage to tankers and oil refineries in neighboring countries.
Oil prices saw their biggest weekly gain since 2022 as the Middle East war sent a wave of disruptions through energy markets
Political intransigence and market spreads
The situation on the exchanges remains extremely tense due to the absence of any diplomatic progress: Iranian Foreign Minister Abbas Araghchi publicly rejected the possibility of ceasefire negotiations. Against this background, the spread of Brent oil prices between the nearest contracts rose to a record $4 per barrel, indicating an acute shortage of physical resources in the short term. Meanwhile, the Trump administration is considering options for direct intervention in the situation, while Israel continues intensive bombing of Tehran, targeting command structures and strategic fuel reserves of the enemy.