Oil Prices Surge in Asia Amid Middle East Tensions After US-Israeli Strikes on Iran
In early trading, Brent Crude, the international benchmark for crude oil, rose to just over $80 per barrel, up from Friday’s closing price of $72.87, before easing slightly.
ERBIL (Kurdistan24) – Oil prices in Asia jumped sharply on Monday as regional instability intensified following US and Israeli military strikes on Iran.
In early trading, Brent Crude, the international benchmark for crude oil, rose to just over $80 per barrel, up from Friday’s closing price of $72.87, before easing slightly. Prices had already been climbing last week ahead of the weekend strikes.
The turmoil threatens maritime transport through the Strait of Hormuz, a key waterway through which around 20 percent of global oil passes. Although the strait is not fully closed, some Chinese and Iranian vessels have reportedly navigated through the route.
“This situation pushes insurance costs to prohibitive levels,” said Amena Bakr, head of Middle East and OPEC+ research at Kpler. She warned that Brent prices could reach $90 per barrel if the disruption continues.
Major shipping companies have already announced suspensions of fleet movements through the strait, further intensifying concerns over supply disruptions and market volatility.