Oil prices in the global market have surged sharply due to the violence in the Strait of Hormuz and the tensions between the United States and Iran.
The price of Brent crude, a key benchmark in the global market, rose by nearly 6 percent, exceeding $114 per barrel. Subsequently, prices slightly declined and traded around $113.
The price increase was observed after the U.S. military announced it had destroyed several boats belonging to Iran. At the same time, reports of missile and drone attacks on UAE territory further escalated the situation.
Iran, however, rejected these claims, calling them misinformation.
According to experts, the market rise is linked to concerns about potential damage to oil infrastructure and the possible closure of the strategically important Strait of Hormuz.
Currently, vessel movement along this route has slowed due to security issues, and maritime traffic has not yet fully resumed.
