Global oil prices soared last week following reports that Israel had launched an attack on Iran, marking a serious escalation in Middle East tensions.
🔺 Brent crude jumped over 10%, hitting its highest level since January before slightly retreating. By the end of the day, it was still up more than 7%, closing at $74.23 per barrel.
đź’Ą The spike reflects market fears that direct conflict between two major oil-region powers could disrupt global supply.
📉 Meanwhile, stock markets in Asia, Europe, and the U.S. saw declines. Investors shifted toward so-called “safe haven” assets like gold and the Swiss franc.
🔮 Analysts warn that if Iran’s oil infrastructure were targeted, prices could climb to $80–$100 per barrel. However, such a spike might trigger higher production from other oil-producing nations, potentially stabilizing prices and limiting the impact on inflation.
🛢️ The situation highlights the ongoing volatility of energy markets and the importance of strategic resilience in supply chains.
🔗 Source: BBC News – Global oil prices soar after Israel attacks Iran