Due to escalating conflicts in West Asia, the price of Brent crude oil in the international market has risen to $109.75 per barrel. Following reports that the United States and Israel jointly attacked Iran’s critical South Pars gas field, Iran has issued a warning that it will target energy installations across Asia and the Gulf region in retaliation.
Furthermore, concerns are mounting that the Strait of Hormuz—one of the world’s most vital oil shipping lanes—could be compromised. Since a significant volume of global oil exports passes through this route, any disruption there has the potential to impact the entire global economy. Consequently, natural gas prices in Europe have also risen. Nations such as Saudi Arabia and the UAE have likewise intensified their security measures. Amidst these persistent tensions, fears persist that the global energy market will face further disruption.
