US Israel Iran War | International Desk: Global oil prices jumped after US President Donald Trump spoke about a possible conflict with Iran.
Soon after his White House address, crude oil markets reacted sharply. As a result, prices moved up quickly.
The global benchmark Brent crude crossed 105 dollars per barrel. At the same time, US benchmark WTI crude also crossed 103 dollars. Therefore, analysts say geopolitical tensions are now driving market uncertainty.
US Israel Iran War | Strait of Hormuz fears push prices higher
Meanwhile, investor concerns increased over possible supply disruptions. In particular, fears focused on the Strait of Hormuz. This route carries a large share of the world’s oil supply.
During his speech, Trump mentioned this strategic passage. Because of this, market fears increased further. In addition, analysts warned that any disruption could affect global supply chains.
Trump also claimed Iran’s military strength has weakened. Following this, experts began discussing possible supply risks from the Middle East. Consequently, oil prices continued to rise.
Experts also noted that prices have increased sharply in recent weeks. Moreover, they warned prices could rise further if tensions continue. If the conflict worsens, Brent crude may even reach 150 dollars per barrel.
India and other countries may feel the impact
However, rising crude prices could create problems for oil importing countries like India. Generally, higher crude prices increase fuel costs. As a result, transport and daily expenses may also increase.
Furthermore, experts warn inflation may rise. Therefore, economists are closely watching the situation. For now, everything depends on how the geopolitical situation develops.
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