Benchmark global prices for Brent oil have increased by 10%, reaching $80 per barrel. According to Reuters, this price surge is a result of concerns regarding the safety of shipping in the Strait of Hormuz, which is a crucial logistics hub through which about 20% of the world's oil supplies pass.
The escalation of the situation occurred after the onset of military actions between Iran, the USA, and Israel on February 28. Although the Iranian Foreign Ministry stated that there are no plans to close the strait, representatives of the Islamic Revolutionary Guard Corps have already warned of possible restrictions on vessel movement. As a result, the largest shipping company Maersk, along with leading oil companies and traders, has suspended the transportation of fuel and liquefied natural gas through this area, citing safety concerns.
Experts suggest that at the opening of trading on March 2, oil prices may continue their sharp rise and fluctuate in the range of $90–100 per barrel.
