Middle East conflict escalation adds pressure, oil reaches $79

Global energy markets were shaken during Monday’s session, as the escalation of violence in the Middle East triggered an immediate rise in oil prices.

Futures contracts for Brent crude, the international benchmark, jumped about 5% in early trading, breaking through the $79 per barrel mark.

This sharp move was fueled by reports that Iranian forces attacked commercial vessels in the Strait of Hormuz, prompting retaliatory airstrikes by the United States against Iran-linked targets.

The strategic importance of the Strait of Hormuz is colossal for energy security, as roughly one-fifth of the world’s oil and natural gas trade passes through this waterway. Traffic disruptions at this key chokepoint have revived fears of global supply interruptions.

Despite this price surge, Brent’s current value remains far below the historic peak of around $120 per barrel, recorded during the hottest phase of the conflict. Before tensions flared up again, oil was trading in the $70 per barrel range.