Oil prices rose due to the escalation in the Middle East

Oil prices soared sharply after the escalation in the Persian Gulf region, caused by another exchange of strikes between Iran and the USA. The price of Brent futures jumped by $1.93, and WTI crude oil rose by $2.9.

According to Reuters, the events unfolded against the backdrop of Iran launching ballistic missiles towards Kuwait and Bahrain, although the targets managed to avoid damage. In response, the U.S. armed forces launched strikes on the Iranian island of Qeshm. The conflict continues to escalate despite negotiations for a ceasefire between Washington and Tehran.

In particular, the US military reported that the launched missiles did not cause any damage. At the same time, Iran had previously adhered to a truce during negotiations with the USA, although communication between the countries has been limited in recent days. U.S. President Donald Trump emphasized that the negotiation process is ongoing despite recent events.

The current situation in the Middle East undoubtedly affects the global economy, particularly the oil market, which remains under constant pressure and unpredictability. The rise in oil prices indicates unresolved instability in the region, which the global energy market highly depends on. Experts warn that further escalation of the conflict could increase the cost of oil even more, affecting global economic processes.