Amid rising tensions in the Middle East, oil prices have sharply increased in world markets.
Modern.az reports that on Sunday, in over-the-counter transactions, the price of "Brent" crude oil increased by approximately 10 percent, reaching 80 dollars per barrel. Analysts do not rule out the possibility of prices rising to the 100-dollar mark.
"Brent" oil, considered a global benchmark, had already risen to 73 dollars on Friday, reaching its highest level since July last year. Over the weekend, military events in the region and potential escalation risks created additional anxiety in the market. As futures trading was closed over the weekend, the real impact will be more clearly visible at Monday's opening.
According to Ajoy Parmar, Director of Energy and Refining at ICIS, military attacks are a supportive factor for prices, but the main risk is the potential closure of the Strait of Hormuz. Following warnings to ships by Tehran, many tanker operators, major oil companies, and traders have halted shipments of crude oil, fuel, and liquefied natural gas.
It should be noted that more than 20 percent of the world's oil supply is carried out precisely through the Strait of Hormuz. A long-term closure of this route could create a serious shortage in the global energy market.
Helima Croft, an analyst at RBC bank, and experts from Barclays have also stated that oil prices could exceed 100 dollars. According to analysts, if the disruption in the strait lasts long, prices could approach and even surpass 100 dollars at the opening of trading on Monday.
