Oil prices are rising as the market opened late Sunday evening in Norwegian time, driven by the fear that the war between Iran, the USA, and Israel may drag on for an extended period. North Sea oil saw an increase of over 1.7%, reaching $113.44 per barrel, while American crude oil surpassed the $100 mark. This surge in oil prices has been prompted by warnings suggesting that the conflict could last for several more weeks.

The escalation in oil prices is particularly concerning because the ongoing conflict poses significant risks for oil transportation through the Strait of Hormuz, which is one of the world's most critical routes for oil and gas transit. The strait is strategically important, and any disruptions could lead to further price hikes and instability within the global oil market. Experts are closely monitoring the situation, as the implications of a prolonged conflict could extend beyond just fuel prices.

The rising oil prices could have several broader economic impacts, affecting everything from consumer prices to inflation rates globally. Nations reliant on oil imports may see increased costs, which could lead to higher prices for goods and services. As the geopolitical situation evolves, the uncertainty surrounding oil supply and prices remains a critical factor for both investors and policymakers.