Oil Prices Surge Sharply

Brent crude oil prices have reached nearly $116 per barrel, marking a significant increase of around 59% in recent times. This was reported by Reuters, highlighting a notable activity in the market.

The price surge is linked to escalating tensions in the Middle East. Notably, attacks carried out by Houthi rebels have raised uncertainties regarding oil supply and market risks.

The Strait of Hormuz is of crucial importance to international energy markets, as it is responsible for nearly one-fifth of global daily oil supply. The security of the strait remains vulnerable, placing additional pressure on prices.

Experts estimate that if regional tensions persist, instability in the oil market could continue to affect the global economy.