Crude oil prices jumped to around $115 per barrel, the highest since June 2022, as tensions around Iran intensified and supply worries returned. With Iran war talks stalled, analysts warn disruptions could stretch longer and propel prices toward $150. The Strait of Hormuz remains the critical flashpoint shaping global energy markets and downstream costs.
Since the Iran conflict began, global oil markets have shed over 500 million barrels, translating to nearly $50 billion in value. Disrupted supplies across the Gulf have tightened inventories and cut exports sharply. Even with partial ceasefire signals and renewed activity near the Strait of Hormuz, analysts warn recovery will be slow, with lasting shocks to energy pricing and trade flows.
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