Rise in Oil Prices in Asia Amid Supply Concerns Due to Middle East War
Oil prices surged by approximately 2% during early Asian trading on Thursday, driven by persistent fears regarding energy supplies amidst escalating conflict in the Middle East.
West Texas Intermediate crude, which closed trading on Wednesday at $74.66 a barrel, climbed to around $76.05 per barrel by 23:10 GMT, marking an increase of 1.86%.
This rise follows heightened tensions since the commencement of the US and Israeli attacks on Iran last Saturday, resulting in a spike in oil and gas prices, alongside expectations of increased profits for global energy companies.
In line with this, Brent Crude futures briefly surpassed $85 a barrel on Tuesday, while natural gas prices in Europe reached their highest levels since 2023.
These increases are tied to an effective closure of the Strait of Hormuz, through which roughly 20% of global oil supplies pass. Additionally, Qatar Energy’s suspension of liquefied natural gas production has contributed to rising gas prices.
According to Kpler, a platform specializing in energy market analysis, the movement of oil tankers through the Strait of Hormuz has decreased by as much as 90% since the outbreak of war.
