Rising tensions in the Middle East have pushed global oil prices surge to their highest level in two years, as conflict in the region threatens energy supply and creates uncertainty in international markets. Experts say the situation could affect fuel prices and economic stability around the world.
According to reports, the ongoing war in the Middle East and the failure of the United States to reopen the Strait of Hormuz have increased pressure on energy supplies. As a result, oil prices jumped by nearly 9 percent in a short period.
In the international market, Brent crude oil has crossed 93 dollars per barrel, while U.S. crude oil is being sold at around 88 dollars per barrel. Analysts say this global oil prices surge reflects growing fears about disruptions in the world’s energy supply chain.
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Meanwhile, Qatar’s Energy Minister warned that the war in the Middle East could seriously damage the global economy. He said that oil-producing Gulf countries might be forced to stop or reduce oil production within weeks or even days if the conflict continues.
He further explained that even if the war ends soon, it may take weeks or months for energy shipments to return to normal. Experts believe that the global oil prices surge could continue if tensions in the region remain high and supply routes stay under threat.
