Rising tension in the Middle East and attacks on energy facilities have sharply increased oil prices.
Medianews.az reports that the price of one barrel of "Brent" crude oil has exceeded $112.
Experts warn that if the conflict deepens, prices could rise up to $200.
In the last 24 hours, intensified clashes in the region and targeting of energy infrastructure have created significant volatility in the markets. "Brent" crude oil closed the previous trading session with a 5.9% increase at $109.65 and later tested the $112.8 level.
The escalation of tension is particularly related to strikes on energy facilities. This has led to a rapid rise in prices in the global oil market.
The situation has further escalated after Israel targeted Iran’s “South Pars” gas field. According to reports, amid retaliatory attacks by Iran and its allied groups, explosions and drone attacks have been recorded in Dubai, Qatar, Kuwait, Iraq, Bahrain, and Saudi Arabia.
It is reported that a liquefied gas facility located in Qatar’s Ras Laffan area suffered serious damage due to an attack. U.S. President Donald Trump has called on Iran to refrain from additional retaliatory strikes. In this context, natural gas prices have also increased.
According to an analysis by the U.S. investment bank "Citi", if the conflict causes serious disruptions in the supply chain, oil prices may initially remain in the $110–120 range. However, if risks increase, this figure could rise to $150–200. Particularly, Iran expanding attacks on energy facilities and the possibility of closing the Strait of Hormuz are cited as main risk factors.
Medianews.az