The price of Brent crude oil, serving as the European benchmark, saw a remarkable increase of nearly 19% at the beginning of trading, reaching nearly $111 per barrel. Additionally, West Texas Intermediate (WTI) crude oil, the U.S. benchmark, also experienced a significant jump, surpassing the $100 threshold for the first time since 2022, indicating heightened concern over future supply disruptions due to geopolitical instability.

Just last week, ahead of the military conflict with Iran, the price of Brent crude was approximately $70 per barrel, showcasing a rapid escalation in energy costs since the commencement of hostilities. As the situation unfolds, fuel prices have also risen sharply, impacting consumers and industries reliant on oil, presenting a challenge for the global economy that is still navigating the effects of previous price swings.

A major concern for the oil market revolves around the potential blockage of the Strait of Hormuz, a vital waterway through which about one-fifth of the world's crude oil is transported during peacetime. The recent military actions by the U.S. and Israel against Iran have drastically reduced shipping activity in the Persian Gulf, heightening fears of prolonged disruptions to oil supplies, as well as significant implications for liquefied natural gas transportation, particularly from countries like Qatar.