Global oil prices have significantly increased amid military escalation around Iran and threats of supply disruptions through the Strait of Hormuz, which plays a key role in global energy.
According to Reuters, the price of Brent crude oil rose by 7%, reaching its highest level in over a year at around $82 per barrel. WTI crude oil climbed to $75. This increase followed attacks by the U.S. and Israel on Iran, as well as Tehran's retaliatory actions, which heightened concerns about potential supply disruptions and shipping issues.
Bloomberg also reports a sharp rise in oil prices driven by geopolitical risks and the threat of supply constraints from the Persian Gulf region, through which about 20% of global oil volumes pass. Analysts warn that further escalation of the conflict could lead to even higher prices.
A key factor in the price increase is the risk of blocking the Strait of Hormuz, attacks on tankers, and potential reductions in oil exports from this region.
The Strait of Hormuz is one of the most important energy hubs on the planet, through which a significant portion of global oil and gas supplies pass daily. Any threats to its operation traditionally lead to sharp fluctuations in prices on global markets.
Additionally, in the past 24 hours, there has been a rise in gold prices, which is traditionally considered a safe-haven asset in times of geopolitical instability. According to Reuters, the spot price of gold increased by 1-2%, reaching around $5,350 per ounce, marking its highest value in over a month. The price increase is linked to heightened investor interest in safe assets amid the escalation of the conflict in the Middle East.
