US-Iran conflict drives global oil and petrol prices higher
Escalating US military campaign and disrupted shipping routes fuel energy market uncertainty and higher fuel costs worldwide
DOHA, Qatar (MNTV) — Escalating military tensions between the United States and Iran have driven global oil prices higher and pushed up petrol costs, as fears grow over disruptions to key shipping routes in the Middle East.
Oil markets have remained volatile following the collapse of the temporary US-Iran ceasefire, with concerns mounting over tanker traffic through the Strait of Hormuz, a vital waterway that previously carried about one-fifth of the world’s oil supply.
Brent crude rose above $91 per barrel before easing to around $88 on Monday, while US West Texas Intermediate also climbed to its highest level in weeks before retreating slightly.
Market anxiety has intensified after Yemen’s Houthi movement announced a naval blockade targeting Saudi shipping in the Red Sea, warning that the measure would remain in place if US attacks on Iranian energy infrastructure continue. The move has added further pressure to global energy supplies as shipping companies face increasing security risks.
American consumers are also experiencing the economic consequences of Washington’s military escalation. According to the American Automobile Association, the average US petrol price has climbed to $4.00 per gallon, up from $3.87 a week earlier, marking the second consecutive weekly increase.
The latest rise follows a brief decline in inflation recorded before fighting intensified again, highlighting how renewed military operations have quickly reversed earlier improvements in fuel prices.
Commercial shipping through the Strait of Hormuz has fallen sharply as vessels avoid the conflict zone.
Shipping data showed only a limited number of tankers passed through the strategic waterway over the weekend, while two tankers operated by Greece’s Dynacom Tankers were struck by projectiles near the Omani coast, further increasing concerns over maritime security.
Analysts said higher energy prices are adding fresh inflationary pressure and could complicate monetary policy decisions in the United States, where investors are increasingly concerned that prolonged conflict will continue to raise fuel and transportation costs.
Financial markets delivered mixed performances as geopolitical uncertainty persisted. While technology stocks gained on corporate developments, investors continued monitoring the impact of the expanding conflict on global trade, energy markets and economic stability.
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