By: The Trek News Desk
Rising military tensions in the Middle East have sent global oil prices soaring. On Monday, Brent crude crossed the $115-per-barrel mark, while U.S. crude traded above $100. Analysts say the spike reflects growing concerns over energy supply and the escalating regional conflict.
The surge in oil prices hit Asian stock markets hard. Japan’s Nikkei index fell nearly 4.5%, while South Korea’s Kospi dropped about 4%. Investors are increasingly wary of rising energy costs and the uncertainty stemming from the Middle East crisis.
Experts warn that attacks on Israel by Yemen-based Houthi rebels, combined with stern warnings from Iran, have put energy supplies at risk. Key shipping routes, including the Strait of Hormuz and Bab al-Mandeb, are under pressure, raising fears of further disruption to global oil flows, which could drive prices even higher.
Meanwhile, the United States has hinted at possible control over Iran’s oil infrastructure and deployed additional troops to the region. If the situation remains unresolved, soaring oil and energy costs could put added strain on the global economy, directly impacting consumers worldwide.
Source: News Agencies
