TEHRAN: Global Oil Prices Surge to Record Highs Amid Escalating Iran-Israel-US War and Rising Tensions in the Middle East
Due to the Iran-Israel-US conflict and increasing tensions in the Middle East, crude oil prices in global markets have reached their highest levels.
This development comes as the Strait of Hormuz—one of the world’s most critical routes for oil and gas shipments—remains closed due to the war involving Iran.
US crude oil (WTI) recorded its largest single-day increase since 1988, rising 30% to reach $118 per barrel. Brent crude (British) surged 28% to hit $119 per barrel before pulling back. Currently, crude oil is trading around $110 per barrel.
The sharp rise in oil prices has triggered severe bearish trends in Asian stock markets.
The South Korean stock market crashed for the second time in four days, halting trading after an 8% drop.
The Japanese stock market also faced intense pressure, with its index falling more than 6%.
