Oil prices spike sharply due to Middle East conflict
The escalation of the conflict in the Middle East has caused a sharp rise in oil prices on global markets. Investors fear that a prolonged war could disrupt global raw material supplies.
US crude oil (WTI) futures rose by more than 8.7%, exceeding $81 per barrel — the highest level since July 2024.
Brent crude also rose above $85 per barrel.
Price growth is also observed in the fuel market: in Europe, the cost of diesel futures exceeded $150 per barrel, reaching a maximum since the end of 2022.
Experts attribute the price jump to fears of potential disruptions in oil supplies through the Strait of Hormuz, which accounts for about 20% of world oil trade.
It is also reported that the largest oil importer, China, has begun reducing fuel consumption amid uncertainty surrounding the conflict between Iran, the US, and Israel.
Author
I am originally from St. Petersburg — a city with a unique character and rhythm. My professional life began rapidly: at just 16, I plunged into the world of global events. The World Cup, the roar of Formula 1 cars in Sochi, the energy of VK Fest, and the backstage of Fashion Week — I always…
You may also be interested in:
- Unions announce general strike in Northern Cyprus
- In Northern Cyprus, a detainee in a drug case escaped from a hospital
- Usury suspect arrested in Güzelyurt; several arrests across the island
- Dates and centers for external graduation exams in Northern Cyprus announced — May–June 2026
- Lefkoşa court closes Melios Zoo — appeal dismissed
