"Brent crude, the global benchmark, rose more than 3 percent on Monday morning to top $116 a barrel, marking its highest point since March 19, when it briefly touched $119 a barrel."
"Iran's effective closure of the Strait of Hormuz in retaliation for the US-Israel war has disrupted about one-fifth of global oil and liquified natural gas (LNG) supplies, plunging the world into its biggest energy crisis in decades."
"Greg Newman, the CEO of Onyx Capital Group, stated that energy markets were only beginning to feel the fallout of the turmoil, with Europe taking around three weeks to start feeling the effects of the oil shortage."
Crude oil prices have surged to their highest levels in nearly two weeks, reaching over $116 a barrel. This increase is driven by escalating tensions in the US-Israel war, particularly with Iran's threats of retaliation and missile launches by Iranian-backed groups. The conflict has disrupted significant portions of global oil and LNG supplies, plunging the world into a major energy crisis. Analysts predict continued price increases unless maritime traffic in the Strait of Hormuz normalizes, with some forecasting prices could rise towards $120 and beyond.
Read at www.aljazeera.com
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