Oil prices rise again amid Middle East crisis, global market unstable

Staff Report: PNN

Due to lack of progress in easing tensions between Iran, Israel, and the United States, crude oil prices in the international market have started rising again. Uncertainty around the Strait of Hormuz has further complicated the situation.

According to international media reports, the US Navy has blocked Iranian ports and imposed restrictions on oil exports. In response, Iran has also disrupted oil and goods transportation through the Strait of Hormuz, a key global energy route.

As a result, volatility has returned to the global oil market. Brent crude briefly rose above 126 USD per barrel this month, one of the highest levels recently, before slightly declining but remaining high.

Analysts say disruptions in supply and war uncertainty are driving prices upward. Before the conflict, oil was around 65 USD per barrel.

Although ceasefire efforts exist, no permanent solution has been reached. Iran has indicated that quick resolution is unlikely and warned of retaliation if attacked again.

UN Secretary-General António Guterres expressed concern, saying prolonged disruption in the Strait of Hormuz could reduce global growth and increase inflation.

Meanwhile, the Trump administration is discussing measures with energy officials to stabilize the market and reduce consumer impact.

Experts warn that prolonged blockage could severely impact the global energy supply chain, while Iran is already facing inflation, currency depreciation, and employment challenges.

Overall, the Middle East conflict is becoming a major global economic concern.