Global oil prices exceeded $100 per barrel
Global energy markets reacted sharply to the escalation of the situation in the Middle East. Oil prices rose sharply and exceeded $100 per barrel for the first time since 2022.
According to Censor.NET, this is reported in a CNN article.
The jump in oil prices and market reaction
On Sunday, US oil futures rose by almost 14.7%. At the same time, the benchmark Brent brand rose by more than 12% to around $104 per barrel.
Investors are factoring into prices the risks of prolonged disruptions to energy supplies from the Middle East. The main concerns are related to the escalation of the conflict in Iran and the threat to shipping in the Strait of Hormuz.
The rise in energy prices immediately affected financial markets. US stock indices opened lower on fears of a new wave of inflation. Dow Jones futures lost more than 850 points, while the S&P 500 and Nasdaq indices fell by about 1.7%.
Consumers have already felt the price increases. According to the American Automobile Association, the average price of petrol in the US rose by about 16% over the week, reaching $3.45 per gallon.
Possible US solutions to stabilize the market
Experts warn that the situation on the energy market may remain tense as long as there is a risk of supply restrictions in the Middle East.
US Treasury Secretary Scott Bessent said Washington may review some of the sanctions on Russian oil to increase supply on the world market.
"There are hundreds of millions of barrels of sanctioned crude oil in the water," he said.
It is also reported that the United States has temporarily allowed India to purchase Russian oil that is already on tankers at sea. This decision will be in effect for 30 days and should help stabilize supplies amid tensions in the global energy market.
- We previously reported that, against the backdrop of the energy crisis in the UK, natural gas reserves had fallen to critical levels, with only two days' worth of fuel remaining.
