Business News | Crude Oil Prices Surge over 40% in 15 Days Since US-Israel-Iran Conflict Began
Get latest articles and stories on Business at LatestLY. Crude oil prices in the international market have surged by more than 40 per cent in just 15 days amid the ongoing war involving the United States, Israel and Iran, which has disrupted the energy supply route through the Strait of Hormuz and affected global energy markets, particularly in Asia.
New Delhi [India], March 14 (ANI): Crude oil prices in the international market have surged by more than 40 per cent in just 15 days amid the ongoing war involving the United States, Israel and Iran, which has disrupted the energy supply route through the Strait of Hormuz and affected global energy markets, particularly in Asia.
Before the beginning of the war, crude oil prices in international markets on February 27 were trading at around USD 73 per barrel. However, by Saturday, prices had surged sharply to around USD 103 per barrel.
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The rise from USD 73 to USD 103 per barrel represents an absolute increase of USD 30 and a percentage increase of approximately 41.1 per cent in a short span of time.
The recent intense military conflict between the U.S. and Iran began on February 28, when U.S. and Israeli forces launched wide-ranging, direct attacks on Iranian military assets and leadership. Iran's Supreme Leader Ayatollah Ali Khamenei.was also killed in the US-Israel led strikes.
The sharp jump in prices reflects growing concerns about global energy supply disruptions as the conflict escalates in the Middle East, with the Strait of Hormuz playing a crucial role in global oil transportation.
Market experts say that developments related to the conflict will continue to influence global markets in the coming days.
Ponmudi R, CEO of Enrich Money, said the coming week is expected to remain highly volatile as investors closely track geopolitical developments.
"The week ahead is expected to remain highly volatile, with market direction largely influenced by developments surrounding the ongoing conflict in the Middle East. Investors will closely track statements from key government officials and global stakeholders involved in the situation for any signals of escalation or potential diplomatic de-escalation," Ponmudi said.
He added that such developments will play a crucial role in determining crude oil price trends, global bond yields and currency market volatility.
According to him, particular focus will remain on the Strait of Hormuz, which is considered one of the world's most critical energy chokepoints.
Any prolonged disruption to shipping through the Strait of Hormuz could tighten global oil supplies, influence inflation expectations across Asia and keep overall market risk sentiment fragile. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)