Arabic version: أسعار النفط تتجاوز 100 دولار بسبب الصراع الأمريكي الإسرائيلي مع إيران

Global oil prices have jumped above $100 (£75.11) a barrel for the first time since 2022, driven by escalating tensions from the ongoing US-Israeli war with Iran. According to BBC News, the situation has raised fears of significant disruptions to oil shipments through the critical Strait of Hormuz.

On Sunday, Iran named Mojtaba Khamenei to succeed his father, Ali Khamenei, indicating that hardliners continue to dominate the country’s leadership as the conflict intensifies. Concurrently, the US and Israel launched fresh waves of airstrikes across Iran, hitting multiple targets including oil depots, further exacerbating concerns about energy supply stability.

As of early Monday in Asia, Brent crude was around 15.5% higher at $107.16, while Nymex light sweet was up by more than 17% at $106.77. The swift price surge occurred within minutes of trading as market participants reacted to the heightened risks surrounding oil shipments from the region.

Analysts warn that if disruptions in the Strait of Hormuz continue through the end of March, oil prices could potentially reach record highs above $150 per barrel. The current price hikes are likely to result in increased costs for consumers and businesses globally, particularly affecting petrol prices and essential derivatives like jet fuel and fertilizer precursors.

In response to the rising prices, US President Donald Trump stated that short-term increases were a “small price to pay” for mitigating Iran’s nuclear threat. His energy secretary noted that Israel, not the US, is primarily responsible for targeting Iran’s energy infrastructure, amidst rising concerns about domestic fuel prices linked to the ongoing conflict.