Oil prices soar as Middle East conflict escalates
Oil prices just settled with Brent crude at $81.40 a barrel, its highest closing level since January 2025.
This spike comes as tensions between the US, Israel, and Iran heat up—especially around the Strait of Hormuz, a vital route for global oil shipments that Iran has threatened to disrupt.
US oil prices climbed too, adding to worries about supply and costs.
The conflict's ripple effects on global energy markets
The conflict is causing chaos in energy markets worldwide. Qatar paused LNG production, sending European gas prices up by over 20%.
Iraq's oil output dropped sharply due to export problems.
To keep supplies moving safely, state oil giant Saudi Aramco has reportedly redirected some crude shipments via the Red Sea to bypass the risky Strait of Hormuz.
Many countries are scrambling for new energy sources as market volatility grows.