Middle East Conflict Drives Oil Prices Higher, Rattles Global Markets
DUBAI, United Arab Emirates – Escalating conflict in the Middle East sent oil prices surging Thursday, sparking concerns about global energy supplies and triggering a downturn in Chinese stock markets. Brent crude reached US$117 a barrel, a 60% increase since the start of U.S. and Israeli attacks on Iran on February 28.
The price jump followed an Israeli strike Wednesday on Iran’s South Pars gas field, a facility shared with Qatar. Iran’s response to the attack remains undisclosed as of Thursday afternoon.
The surge in oil prices is already impacting financial markets. Hong Kong’s Hang Seng Index and the mainland CSI 300 both experienced declines of approximately 2%. The volatility underscores the region’s critical role in global energy markets and the potential for wider economic repercussions.
Analysts are closely monitoring the situation, with many anticipating further price increases if the conflict expands. The United States-Israeli war on Iran is creating significant instability, according to reports.
The situation is being watched by governments worldwide, as disruptions to energy supplies could have far-reaching consequences for consumers and businesses globally.