️ Global oil prices rose by more than 3% on Thursday, March 5, driven by concerns over potential disruptions to energy supplies from the Middle East due to escalating tensions surrounding Iran. The price of Brent crude increased by $2.65, reaching approximately $84 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by about 3.7% to over $77 per barrel.

️ Markets reacted to a new wave of Iranian missile strikes against Israel and ongoing shipping issues in the Strait of Hormuz, a key global energy route through which about 20 million barrels of oil pass daily, accounting for roughly one-fifth of world consumption. The regional situation deteriorated sharply following reports of attacks on tankers in the Persian Gulf.

️ According to media sources, explosions were recorded near a vessel off the coast of Kuwait, with some ships temporarily suspending passage through the strait. Additional tension arose from expanded military actions—a U.S. submarine sank an Iranian warship in the Indian Ocean, and several regional countries reported intercepting missiles and drones.

️ Analysts indicate that amid the crisis, around 200 vessels have been blocked near key ports in the Persian Gulf, and insurance companies have begun denying coverage for voyages through hazardous areas, heightening market fears of a potential energy resource shortage. Experts warn that further escalation of the conflict could lead to even sharper oil price increases, as Asian countries—the largest importers of energy resources—are heavily dependent on supplies from the region.

Source: podrobno.uz