Tensions in Hormuz at their peak: US blockade triggers new jump in oil prices in the world market

Tensions have intensified around the strategically important Strait of Hormuz in the Middle East. Fuel oil prices have risen sharply in the world market immediately after the US announced a possible naval blockade on Iranian ports. This effect was seen at the beginning of trading, which has created new concerns in the global economy.

According to the latest data, crude oil prices in the US market rose by about 8 percent to $104.24 per barrel. Similarly, the price of international benchmark Brent crude also rose by about 7 percent to $102.29. According to analysts, oil prices, which were around $70 before the war, are fluctuating abnormally due to the ongoing conflict.

Experts say that if the possible blockade is implemented, the supply of about two million barrels of Iran-related oil per day could be stopped, which will create a major shortage in the market. According to Sol Kavonic, head of energy research at MST Marquis, the market has already returned to pre-war instability and the situation is likely to worsen.

Meanwhile, Donald Trump said that the US Navy could soon implement the blockade. It is believed that the decision is being taken in view of the fear that a solution will not be found despite long talks with Iran and the fragile ceasefire will collapse. At the same time, he warned that fuel prices could remain high until the next election.

On the other hand, Saudi Arabia said that it has restored its full capacity to extract about 7 million barrels of oil per day through the East-West pipeline. However, according to analysts, any disruption in the Strait of Hormuz could cause a major blow to the global oil supply system and its impact on the global economy in the long term.