Oil Prices Exceed $100 Amid Iran's Gulf Attacks

On Thursday, global oil prices surged above $100 per barrel, driven by escalating tensions in the Gulf as Iran intensified its attacks. Brent crude rose by nine percent to $101.59 per barrel, while West Texas Intermediate approached $96.

This spike comes amid fears of supply disruptions in the Middle East, particularly through the Strait of Hormuz, which is crucial for global oil transport. The International Energy Agency (IEA) announced a coordinated release of 400 million barrels from strategic reserves, the largest in its history, but this move failed to calm market fears.

Analysts predict that oil prices could remain between $90 and $100 per barrel for an extended period due to ongoing hostilities. Iran's Revolutionary Guard warned of a prolonged conflict, with Ali Fadavi advising preparations for a long war.

The situation has already led to a loss of 200 million barrels in oil supply, impacting global energy markets significantly.