Oil prices hit 5-month high amid Iran-Israel war
Web Desk
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1 month ago
Crude oil prices have surged to a five-month-high due to escalating tensions between Iran and Israel in the Middle East.
According to Reuters, Brent Crude rose by $2.49 to $78.93 per barrel, while West Texas Intermediate (WTI) increased by $2.56 to $75.73 per barrel. Experts warn that prices may climb further if the conflict intensifies.
Goldman Sachs, in a recent report, projected Brent prices could reach $110 per barrel under continued geopolitical strain.
Iran, OPEC’s third-largest oil producer, plays a critical role in global supply. A potential closure of the Strait of Hormuz—through which 20% of the world’s oil passes—could spark a global energy crisis. About 76% of this oil is shipped to Asian markets, directly impacting Pakistan, China, India, Japan, and South Korea.
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