Oil Markets Roar as Iran Conflict Pushes Prices to Highest Levels Since 2022
A man fills up his car as others wait in a line at a gas station in Seoul, South Korea Oil prices have surged past $119 a barrel , reaching their highest point since mid‑2022 as the escalating U.S.–Israeli conflict with Iran disrupts global energy supplies. The spike comes amid major producer output cuts , shipping disruptions , and heightened fears over the stability of Middle Eastern supply routes. Brent crude briefly hit $119.50 , marking one of the largest single‑day jumps on record, while U.S. WTI futures mirrored the surge. Analysts attribute the volatility to attacks on oil infrastructure, reduced output from Gulf producers, and the threat of prolonged instability in the Strait of Hormuz—through which nearly a fifth of the world’s oil flows. As markets brace for continued uncertainty, governments and financial institutions are monitoring the situa...
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