Tensions in the Middle East increased oil prices
The escalation of the situation in the Middle East has caused significant changes in the oil market. This was reported by Zamin.uz.
At the start of trading, the price of Brent crude oil exceeded $80 per barrel. At times, the price rose above $82 before falling back to $79.
This situation caused concern among market participants, increasing worries about supply issues and investor caution. According to Reuters, Brent reached $82.37.
Many analysts do not consider this rise temporary. Citigroup experts say Brent prices may remain in the $80–90 range in the coming weeks.
The market is being driven more by geopolitical risks than economic signals. If the regional situation does not ease, prices may rise further.
Problems with shipping routes and tanker movements in the Persian Gulf are further intensifying market sentiment. Movement around the Strait of Hormuz has slowed, and some companies are reconsidering cargo shipments.
Wood Mackenzie and other analysts warn that if navigation is not quickly restored, oil prices could exceed $100. Some banks and investment firms are revising their forecasts.
Morgan Stanley emphasized the price increase and noted that additional value is retained due to geopolitical risks. The market is currently paying a premium not only for actual supply but also for the risk of war.
Changes in oil are not limited to the energy market but are also affecting other sectors. Safe-haven assets like gold have appreciated, while global stock markets declined before attempting to recover some losses.
A classic scenario is observed in the investment market: when risk rises, money seeks safe havens, and stock exchanges remain under pressure. The financial sector in the Persian Gulf has not been exempt from this situation.
The United Arab Emirates announced the closure of the Dubai and Abu Dhabi stock markets on March 2 and 3. Officials stated they are monitoring the situation and will take additional measures if necessary.
This decision reflects the seriousness of concerns in the region. In conclusion, the war is not only raising oil prices but also changing the overall market psychology.
Currently, all eyes are on how long the conflict will last.
