DUBAI: The global oil market is witnessing severe volatility due to rising geopolitical tensions in the Middle East, with Brent crude oil prices rising to $116 per barrel.
According to Arab media, prices have reached their highest level in the past two weeks after the recent increase, while this level has also reached $119 during the current month.
The increase comes in the context of increasing military tensions between Iran and the United States, where the Iranian leadership has made it clear that it is ready to respond forcefully to any possible American action.
Tensions in the region intensified when the Iran-backed Houthis launched missile attacks on Israel, while Israel expanded the scope of its operations in southern Lebanon.
This situation has not only affected oil prices but also created uncertainty in global financial markets, which has led to a significant decline in Asian stock exchanges.
The Strait of Hormuz, a key route for global energy supply, has severely affected the supply of oil and LNG due to disruptions, which has deepened the energy crisis.
According to reports, oil prices have increased by about 60 percent since the beginning of the ongoing tension, which has increased fears of inflation worldwide.
Experts say that if the situation in the Strait of Hormuz does not return to normal, oil prices may increase further, which will have long-lasting effects on the global economy.
