Increasing tension between the US and Iran in the Gulf region and US President Donald Trump's statement that the naval blockade could be extended have caused serious fluctuations in the global energy markets.
According to Medianews.az, the price of a barrel of oil in international markets has surpassed $122, reaching the highest level in recent years.
The increase was mainly driven by rising risks around the Strait of Hormuz.
It is reported that there is increased activity of US military forces in the region, while Iran has issued warnings that it will respond with harsh statements. The failure of diplomatic talks exacerbates the situation further.
Experts consider a possible oil supply disruption as the main risk. It is emphasized that military escalation could directly affect the energy flow.
It is observed that investors are turning towards safer assets, and volatility in the energy and commodity markets has intensified. Analysts state that if the tension continues, oil prices may rise even further.
Medianews.az