Oil prices exceed $100 per barrel due to war in the Middle East

Global oil prices have surged, exceeding $100 per barrel for the first time in nearly four years amid fighting in the Middle East.

This is reported by The New York Times.

The price of benchmark Brent crude oil briefly topped $110 a barrel after trading opened on Sunday evening. Oil is now about 50% more expensive than it was before the US and Israeli military operation against Iran began.

Stock markets in Asia fell sharply as energy prices rose. In Japan and South Korea, key indices fell by about 6%. Futures on the US S&P 500, Nasdaq Composite and Dow Jones Industrial Average fell by about 1.5%.

Traders fear disruptions to oil supplies from the Persian Gulf. The Strait of Hormuz, off the southern coast of Iran, which normally carries about a fifth of the worldʼs oil and significant volumes of gas, has been blocked for more than a week.

The rise in energy prices has already affected fuel prices in the US. The average cost of a gallon of gasoline has increased by about 16% since the start of the war, to $3.45, and diesel prices have risen by 22%.

Whatʼs happening in the Middle East?

On the morning of February 28, the United States and Israel launched attacks on Iran. The Israelis called the operation “Lion’s Roar”, the United States called it “Epic Fury”. The attacks killed Iran’s Supreme Leader Ayatollah Ali Khamenei and nearly 40 other senior Iranian officials.

Iran responded by launching ballistic missile attacks on Israel and US bases in the Gulf states of Bahrain, Kuwait, Qatar and the UAE. Some Iranian drones and missiles targeted infrastructure and residential areas in Arab countries. On the first day of the attacks, Iran launched a total of 541 drones.

On March 5, Iran attacked Azerbaijan for the first time — a drone crashed into the terminal building of the Nakhichevan airport. There were injuries. A ballistic missile launched from Iran was also shot down over Turkish territory.

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