What's happening with the price of oil? It already exceeds $90 due to Middle East war
The price of oil once again shook global markets. The benchmark Brent barrel exceeded US$90, driven by the escalation of the war...
TL;DR
- The price of Brent crude oil has surpassed US$90 per barrel, reaching levels not seen since 2023.
- The escalation of the war in the Middle East and blockades in the Strait of Hormuz, which handles 20% of global oil trade, are key drivers of the price increase.
- US President Donald Trump's statements about unconditional surrender from Iran have intensified tensions.
- Both Brent and West Texas Intermediate (WTI) crude prices have seen significant weekly increases.
- Attacks on regional energy infrastructure and security threats have practically paralyzed maritime traffic through the Strait of Hormuz.
- Reduced capacity for oil storage and the logistical impact of rerouting shipments are exacerbating the supply crunch.
- Financial institutions like Goldman Sachs and analysts from Qatar's Energy Ministry have issued warnings about potential further price increases, with some forecasting prices exceeding US$100 or even US$150 per barrel.