Global Oil Prices Surge
(MENAFN) Global petroleum rates soared by nearly 5 percent as hostilities between Israel and Iran intensified, coupled with United States Leader Donald Trump’s call for Tehran to offer an “unconditional and immediate surrender.”
On Tuesday, Brent crude values surged by 4.4 percent, reaching USD76.45 per barrel.
This marks a more than 10 percent climb since Israel initiated its initial missile attacks against Iran the previous week.
As reported by a news agency, the most recent uptick followed a series of posts by Trump on Truth Social. In these posts, he referred to Iranian Supreme Leader Ayatollah Ali Khamenei as an “easy target” and asserted that the US and its allies are in “complete and total control” of Iranian airspace.
Saxo Bank analyst Ole Hansen stated that “the market is largely worried about disruption through [the Strait of] Hormuz,” although he personally considered the likelihood of such a disruption to be minimal.
The Strait of Hormuz is a crucial waterway through which nearly 20 percent of the planet’s oil production is transported. Its northern coastline falls within Iranian borders.
On Saturday, Iranian lawmaker and Islamic Revolutionary Guard Corps officer Esmail Kousari declared that Tehran is earnestly weighing the closure of the strait to marine traffic.
Additionally, Iraqi Foreign Minister Fuad Hussein cautioned that petroleum costs might spike to between USD200 and USD300 per barrel if “military operations were to break out” in the vicinity.
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