Oil prices surged above USD 115 a barrel on Monday as the Iran war disrupted production and threatened tanker traffic through the Strait of Hormuz, Forbes reported.
Benchmark Brent Crude briefly climbed to USD 119.50 per barrel before easing back to about USD 112.98, while West Texas Intermediate reached USD 119.48 before retreating to around USD 110.17.
The spike comes as the war, now in its second week, threatens one of the world’s most critical energy corridors. Roughly 15 million barrels of crude per day, about 20% of global supply, normally pass through the Strait of Hormuz, but shipping has slowed sharply due to missile and drone attacks.
Several Gulf producers, including Iraq, Kuwait, and the United Arab Emirates, have cut production as export routes become more difficult to use and storage facilities fill up.
Energy infrastructure has also come under attack during the war. Israeli strikes hit oil depots in Tehran, while Iranian missile launches targeted Israel.
Analysts warn that prolonged oil prices above USD 100 per barrel could increase inflation and slow economic growth globally, especially in Asia, which relies heavily on Middle Eastern energy imports.
Rephrase in a different way as if you were a native American speaker as a content creation expert and do not talk about yourself or your experience in the text and do not show yourself as an artificial intelligence who wrote and fill the bullet point in the topic and speak the heart of the topic itself and dont take date of blog in ther first and dont take text like box of newsliter subscribe on post from content and romove all linke insert in content and and remove all affiliate disclosure phrases on content like this “This post may contain Amazon or other affiliate links that allow us to earn a small commission at no extra cost to you. Please see our Disclosure Policy for more info” and “#” put in its place bullet point, and romove name of the web site or his links we are take a content from our new creation
