Rising tensions between the US and Iran have caused one of the biggest crises in global energy markets in the last 50 years.
Modern.az reports that as a result of the blockade of the Strait of Hormuz, the main route through which approximately 20% of global oil exports pass has stopped, and over 11 million barrels of oil per day have been removed from the market.
Fatih Birol, head of the International Energy Agency, stated that the current situation can be compared in scale to the oil shocks of the 1970s and the gas crisis of 2022. According to him, the restoration of oil fields, refineries, and pipelines will take years.
It is noted that even the release of 400 million barrels of oil from strategic reserves into the market could not stop the price increase. As a result, the price of Brent crude oil exceeded 100 dollars.
Vladimir Chernov, an analyst at Freedom Finance Global, stated that the crisis is not limited to oil alone: “In addition to over 11 million barrels of oil per day, approximately 140 billion cubic meters of gas have also been removed from the market. This has simultaneously impacted production, exports, maritime logistics, oil refining, and gas infrastructure.”
At the same time, Saudi Arabian officials do not rule out that oil prices could reach 180 dollars by the end of April. Wood Mackenzie forecasts that prices could rise to 200 dollars in 2026, while Goldman Sachs has assessed the current situation as the biggest energy crisis in history.
However, after US President Donald Trump's statement regarding the cessation of strikes on Iran, a short-term price drop was observed in the markets. Thus, although oil prices fell to 92 dollars on the London exchange, they returned to the 100 dollar level the next day.
