Arabic version: أسعار النفط ترتفع بعد الضربات العسكرية في إيران

Oil prices have risen sharply as United States and Israeli attacks on Iran have disrupted the global energy supply chain. According to Al Jazeera, West Texas Intermediate crude oil was selling at $72.79 a barrel early on Monday, marking an 8.6 percent increase from its price of about $67 on Friday. Meanwhile, Brent crude, the international benchmark, traded at $79.41 per barrel, up 9 percent from $72.87, reaching a seven-month high.

Traders are anticipating a slowdown in oil supply from Iran and other Middle Eastern countries as U.S. President Donald Trump suggested that attacks would continue until U.S. objectives were met. The situation remains tense as Iran retaliates with missile strikes, heightening concerns about further escalation in the region.

The Strait of Hormuz, a crucial route for global oil trade, has seen increased caution among tankers, with reports of vessels piling up on either side due to fears of attacks or insurance issues. Jorge Leon, head of geopolitical analysis at Rystad Energy, noted that the effective halt of traffic through the strait could prevent 15 million barrels per day of crude oil from reaching markets, potentially leading to significant price increases unless de-escalation signals emerge swiftly.

In response to the unfolding crisis, eight OPEC+ countries announced plans to increase oil production by 206,000 barrels per day in April. This decision was made during a meeting scheduled prior to the military conflict. The countries involved include Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman.

The ripple effects of rising oil prices are already being felt beyond the energy sector, with stock markets in Japan and Europe experiencing declines. Japan’s Nikkei index fell by 1.3 percent, while European futures also dropped, reflecting investor concerns over the geopolitical situation and its economic implications.