Iran Conflict Drives Oil Prices to Soar Past $100 a Barrel
Escalating military tensions in the Middle East have wiped out 20 million barrels of oil per day, sending global prices above $100 for the first time since 2022.
Global oil prices have breached the $100 (£74) a barrel mark for the first time since 2022 as escalating military aggression in the Middle East continues to wipe 20 million barrels of oil from the market each day. The surge in prices has been driven by the ongoing conflict in Iran, which has disrupted supply and heightened concerns about regional stability.
Brent crude, the international benchmark, climbed 12.2% to $104.05 a barrel as the new week's trading began in the Asia Pacific markets, the first time that market prices have soared above this key psychological threshold since Russia's invasion of Ukraine. This drastic increase in oil prices is expected to have a significant impact on the global economy, with consumers and businesses facing higher energy costs.
Source: The Guardian
