Crude oil prices in the international market have surged by more than 40 per cent in just 15 days amid the ongoing war involving the United States, Israel and Iran, which has disrupted the energy supply route through the Strait of Hormuz and affected global energy markets, particularly in Asia.
Before the beginning of the war, crude oil prices in international markets on February 27 were trading at around $73 per barrel.
However, by Saturday, prices had surged sharply to around $103 per barrel.
The rise from $73 to $103 per barrel represents an absolute increase of $30 and a percentage increase of approximately 41.1 percent in a short span of time.
The recent intense military conflict between the US and Iran began on February 28, when US and Israeli forces launched wide-ranging, direct attacks on Iranian military assets and leadership.
Iran's Supreme Leader Ayatollah Ali Khamenei.was also killed in the US-Israel led strikes.
The sharp jump in prices reflects growing concerns about global energy supply disruptions as the conflict escalates in the Middle East, with the Strait of Hormuz playing a crucial role in global oil transportation.
Market experts say that developments related to the conflict will continue to influence global markets in the coming days.
Ponmudi R, CEO of Enrich Money, said the coming week is expected to remain highly volatile as investors closely track geopolitical developments. -- ANI
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