Oil prices jumped sharply after US and Israeli strikes on Iran. As tensions spread across the region, the global energy market reacted quickly. Traders now fear a prolonged oil crisis.
On Monday, Brent crude surged nearly 10 percent. It crossed $82 per barrel during early trading. Later, prices eased slightly and settled around $79 per barrel. However, volatility continues.
Meanwhile, OPEC announced it will raise production by 206,000 barrels per day. The group hopes this step will calm the market. Even so, energy analysts remain cautious. They warn that if the conflict continues, prices could climb above $100 per barrel. That scenario would deepen the oil crisis.
In addition, Iran has shut down shipping traffic through the Strait of Hormuz. This route carries nearly 20 percent of the world’s oil and gas supply. As a result, supply concerns have intensified.
The UK Maritime Trade Operations center reported attacks near the strait. At least three vessels were targeted. More than 150 tankers have anchored in Gulf waters and are waiting for clearance.
Therefore, uncertainty dominates the market. Investors are watching every move closely. If tensions rise further, the region could face a wider oil crisis with global economic consequences.
