Global oil prices may continue to rise at the beginning of the new week due to the escalation of the war between the US, Israel, and Iran. Analysts warn that the market is reacting to the risks of strikes on key energy infrastructure in the Middle East. This is reported by Reuters, writes UNN.
Details
One of the main factors remains the de facto blocking of the Strait of Hormuz - a strategic route through which about 20% of global oil supplies pass. Because of this, Brent and US WTI oil futures have already jumped by more than 40% since the beginning of the month and reached their highest levels since 2022.
Market fears new attacks
Tensions escalated after US President Donald Trump threatened new strikes on the Iranian oil hub on Kharg Island. In response, Tehran announced its readiness for further retaliatory steps.
Experts note that further escalation could jeopardize important energy facilities in the region. Among the most vulnerable are oil terminals and refineries in Saudi Arabia and the United Arab Emirates, which could further limit global supplies.
Fujairah Port in UAE resumes oil transshipment after drone attack15.03.26, 08:30