Crude oil prices have risen significantly in the international energy market following a new U.S. military strike on Iran’s strategically important port of Chabahar.
Investors have taken a cautious stance on the possibility of furthering the conflict in the Middle East and the possibility of disrupting global energy supplies.
At the beginning of trading on Thursday (July 9th), there was a big rise in oil prices in the international market. According to Gulf News, the price of fuel has risen rapidly due to the increase in uncertainty in the market after the attack.
The price of international criterion Brent crude rose 20 percent to $78 per barrel. At the same time, the price of crude oil in West Texas Intermediate (WTI) increased by 41 percent to $54.
Meanwhile, the price of the widely used murban crude in Asian refineries has increased the most. It increased by 67 percent to $73 per barrel. The price of natural gas in the United States has also risen to $220.
Earlier on Wednesday night, the United States attacked military-related facilities in Iran’s Chabahar port. The attack sparked new tensions in the Middle East and raised concerns about the global energy supply system.
According to market analysts, if Iran launches counter-reactions or attacks on important international waterways, global energy supplies could be at great risk. In particular, any disruption in the seas connecting the Persian Gulf and the Indian Ocean can lead to further turmoil in the oil market.
Analysts say the main focus of investors is currently on Iran’s potential counter-treatch and whether the movement of oil-laden vessels by sea is normal. The dynamics of the international oil market in the coming days will largely depend on these situations.