On Sunday, the price of Brent crude oil approached 108 dollars per barrel on the Chicago Mercantile Exchange, marking a significant increase of 16.5% from the previous Friday. This spike follows a series of attacks on Iran by Israel and the United States, which has already led to a nearly 30% rise in oil prices in the preceding days. Experts suggest that this upward trend in oil prices could persist as tensions in the region escalate.

The disruption in oil shipments through the Strait of Hormuz, a critical route that transports about one-fifth of the world’s oil, has been prompted by threats posed by Iranian missile and drone attacks. In response, nations like Iraq, Kuwait, and the United Arab Emirates have had to reduce their oil production due to emerging storage issues. This development raises concerns about global oil supply amidst ongoing geopolitical instability.

Despite the current chaos, U.S. Energy Secretary Chris Wright has indicated that the Biden administration will take steps to protect Iran's energy infrastructure. This may provide some reassurance in the markets, suggesting that disruptions in the oil and gas industry might be temporary, potentially lasting only a few weeks in the worst-case scenario. The situation remains fluid and could impact global energy markets in the near term.