Oil prices reached a new high this morning following the escalation of the conflict with Iran.
A barrel of Brent crude briefly climbed to $118.74 around 9:30 a.m., marking its highest level since June 2022.
The price increase comes amid attacks on energy facilities, raising concerns over supply. Additional pressure is coming from the situation in the Strait of Hormuz, through which about one-fifth of the world’s oil and gas supplies pass, where tanker traffic has been significantly disrupted.
Meanwhile, gas prices in Europe rose by 28% this morning. Analysts believe the surge is largely driven by Israeli strikes on Iranian gas fields, as well as Iran’s retaliatory attacks on gas infrastructure in Qatar.
Although prices have not yet reached the peaks seen after the start of the war in Ukraine, the current surge is causing serious concern, particularly if the conflict continues to escalate.
