TEMPO.CO, Jakarta - Global oil prices surged past $100 a barrel for the first time since 2022 as the ongoing war involving the United States, Israel, and Iran disrupts energy supplies and fuels fears of a prolonged global shortage, according to The Guardian.
The news site reported that the conflict has removed about 20 million barrels of oil from the global market each day, pushing prices to their highest level in four years.
The escalation followed a weekend of intensified airstrikes in Iran. At least five energy sites in and around Tehran were reportedly hit, while Kuwait’s national oil company announced precautionary production cuts amid rising tensions.
The situation has also affected the Strait of Hormuz, a critical global trade route through which roughly one-fifth of the world’s oil and seaborne natural gas normally passes. The waterway has effectively been closed for about a week, halting the movement of hundreds of oil tankers and disrupting global energy flows.
Benchmark Brent crude jumped more than 26 percent to $117.08 per barrel in early Asian trading, while West Texas Intermediate rose nearly 29 percent to $119.96 per barrel.
The sharp rise in oil prices has sldo rattled financial markets. Japan’s Nikkei 225 dropped more than 7 percent, while South Korea’s Kospi fell by a similar margin. Australia’s ASX 200 also declined by over 4 percent, reflecting investor concerns over the widening conflict.
Analysts say the disruption in supply routes and fears of a prolonged conflict are driving the surge. “A deficit of 20m barrels per day is hitting global [oil market] balances with no sign of relief,” said Clayton Seigle.
Iran has also warned that continued attacks could push prices even higher. A spokesperson for the Islamic Revolutionary Guard Corps (IRGC) said: “If you can tolerate oil at more than $200 per barrel, continue this game.”
Despite the surge, US President Donald Trump downplayed the impact, saying the spike in oil prices is “a very small price to pay” for the United States and the world’s safety and peace. Energy experts, however, warn that markets could remain volatile as long as the conflict threatens key oil infrastructure and shipping routes in the Gulf.
Read: Analyst Predicts Crude Oil Could Hit $100 as Hormuz Closure Looms
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