"Benchmark Brent crude, a standard global oil price, soared by 17pc to more than $108 as European markets opened, having at one stage reached nearly $120 dollars, a price not seen since the summer of 2022 and the immediate wake of Russia's invasion of Ukraine."
"Over the weekend analysts at Goldman Sachs warned that crude could hit $150 a barrel, if the war becomes prolonged. That looks increasingly likley, as US President Donald Trump mulled the potential for US 'boots on the ground,' and Iran named Mojtaba Khamenei, the hardline son of its late supreme leader, to succeed him."
"Iranian missile and drone attacks targetting regional energy infrastructure and blocking the crucial Strait of Hormuz shipping route continued through the weekend. Bahrain's oil producer BAPCO announced a `so called 'force majeure' following a recent attack on its refinery complex."
"At one point overnight oil prices were up by almost a third but came back after after the Financial Times reported that the Group of Seven (G7) finance ministers and the International Energy Agency will discuss on Monday a joint emergency oil reserves release, and Saudi Aramco offered prompt crude supply through a series of rare tenders."
Brent crude surged 17% to over $108 per barrel amid escalating Middle East tensions, reaching levels unseen since Russia's Ukraine invasion. Fears of supply disruptions from Iranian attacks on regional energy infrastructure and potential Strait of Hormuz blockades drove the spike. Goldman Sachs warned crude could reach $150 if conflict prolonged. US President Trump considered military involvement while Iran appointed a hardline successor. Oil prices initially jumped nearly a third before moderating following reports of potential G7 emergency reserves release and Saudi Aramco supply tenders. Global stock markets declined sharply, with Dublin's Iseq and London's FTSE 100 both falling approximately 2%.
Read at Irish Independent
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