Brent crude oil prices hit a 10-year high — Reuters
The global energy market has been shaken by a new wave of rising oil prices following a series of attacks by Yemeni Houthis on Israeli territory.
This was reported by Reuters.
The price of the benchmark Brent crude reached $115 per barrel, the highest level in the past ten years.
The sharp escalation of the conflict in the Middle East has caused Brent crude to rise by 59% in March alone.
Analysts emphasize that such rapid monthly growth exceeds even the historical records set during the 1990 Gulf War.
Futures for U.S. West Texas Intermediate crude also showed steady growth, gaining nearly 2% and settling at $101.50 per barrel.
The market reacted immediately to the threat of a shutdown of key maritime routes for transporting raw materials.
“The conflict is no longer confined to the Persian Gulf and the Strait of Hormuz, but is now spreading to the Red Sea and the Bab el-Mandeb Strait—one of the world’s most critical maritime chokepoints,” Reuters experts note.
The situation escalated after Iran-backed Yemeni Houthis carried out their first direct attacks on Israel on March 28.
This forced Saudi Arabia to urgently reroute its oil exports to the port of Yanbu on the Red Sea.
Despite statements by U.S. President Donald Trump regarding contacts with Tehran, investors no longer believe in a quick diplomatic resolution to the crisis.
The market is bracing for a further escalation of hostilities and new threats to the tanker fleet.
“This is a positive signal for oil, given the enormous uncertainty regarding the timing and nature of the outcome,” note experts at the analytical firm Kpler.
Uncertainty regarding the safety of navigation around the Arabian Peninsula is only fueling the price rally.
As a reminder, the conflict surrounding Iran has dealt a serious blow to financial markets.
Additionally, the small island of Kharg is key to Iran’s economy.
