Oil shock: prices exceed USD 100 due to war in Iran

Against the backdrop of fighting in Iran, world oil prices have skyrocketed and for the first time since the start of russia's full-scale invasion of Ukraine in 2022 exceeded USD 100 per barrel. This is reported by CNN.

According to media reports, the market has reacted sharply to the escalation of the conflict. Traders fear that the war could cause prolonged disruptions in oil supplies to the global market.

US crude oil futures rose 14.7%, while benchmark Brent futures rose 12.63% to reach about USD 104 per barrel

At the same time, stock markets reacted sharply. US indices opened down on fears of a new wave of inflation. Futures on the Dow Jones fell by more than 850 points, and the S&P 500 and Nasdaq technology indices lost about 1.7%.

The rise in oil prices has already affected the cost of fuel. After the first strikes on Iran on February 28, the average price of gasoline in the United States reached USD 3.45 per gallon on Sunday.

US President Donald Trump commented on the situation on his social network Truth Social, saying that the rise in oil prices is an acceptable price to pay for security.

"Short-term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Security and Peace. Only fools would think differently!"

Last Thursday, March 5, Reuters wrote that Indian oil refiners bought several batches of russian oil from tankers that were off the coast of India.