Arabic version: ارتفاع أسعار النفط مع تصاعد النزاع مع إيران
Global oil prices surged on Monday as the US-Israel conflict with Iran escalated. Brent crude oil prices rose by more than 3% to above $115 per barrel, while US-traded oil climbed to $103 after gaining around 3.5%. This surge positions Brent for its largest monthly gain on record.
Stock markets in Asia reacted negatively, with Japan’s Nikkei 225 dropping by 4.5% and South Korea’s Kospi falling by 4%. The decline in stock prices coincided with escalating tensions in the region after Iran-backed Houthi rebels in Yemen attacked Israel over the weekend, prompting Iran to threaten further retaliatory strikes against US and Israeli officials.
According to BBC News, US President Donald Trump suggested in a recent interview that the US could potentially seize Iranian oil, specifically targeting the major fuel hub of Kharg Island. He expressed confidence in the US’s capability to take control of the island, likening the situation to the US’s plans for Venezuela’s oil industry.
In response to the escalating conflict, Iran’s parliament speaker warned that Iranian forces were “waiting for American soldiers,” as an additional 3,500 US soldiers were deployed to the Middle East. The volatility in global energy markets has been exacerbated by threats from Tehran to attack ships traversing the crucial Strait of Hormuz, a vital route for oil and gas shipments, leading to increased prices and market instability.
Oil prices had been around $72 per barrel on February 27, just before the US and Israel launched strikes against Iran. The benchmark oil contract hit a peak of $119.50 on March 18, the highest recorded since June 2022.
