Conflicts in the Middle East have pushed oil prices to $100

Military conflicts observed in the Middle East region and the risk of closure of the Strait of Hormuz, which is crucial for global oil trade, are causing sharp changes in the global oil market. Zamin.uz reported on this.

As a result, oil prices have been rising sharply in recent times. For the first time since 2022, oil prices have surpassed the $100 mark.

According to data from the international publication Deutsche Welle, on March 9, the price of Brent crude oil in the global market increased by nearly twenty percent, reaching $101.04 per barrel. WTI crude oil rose to $106.07.

For comparison, during periods when the situation was not so tense, prices had remained stable around $70. The main reason for concern and uncertainty in the market is the risk of a sudden closure of the Strait of Hormuz, through which major shipments constituting twenty percent of the world's oil demand pass.

To prevent an energy crisis and stabilize the situation, US Treasury Secretary Scott Bessent is considering partially easing sanctions imposed on Russian oil. Specifically, a thirty-day special exemption was granted to major oil-consuming countries such as India for purchasing Russian oil.

This step is expected to help calm the market. The escalation of this situation was directly caused by Israel's powerful airstrikes on Iran's oil infrastructure on March 17.

After five major energy facilities around Tehran were attacked, Iran threatened to retaliate by striking oil facilities of other countries in the Persian Gulf basin. This situation is further exacerbating instability in the global fuel market and increasing concerns among international investors.

It is clear that oil prices may change again in the coming days depending on how the situation in the region develops.