Global Oil Prices Soar: Exceed $94 Per Barrel

Global oil prices surged on Wednesday as tensions between the US and Iran continued in the Persian Gulf and the threatened blockade in the Red Sea increased uncertainty in energy flows. The global benchmark Brent crude rose more than 3% to above $94 per barrel. US Secretary of State Marco Rubio stated that US forces will continue to attack Iran's attempts to control maritime traffic. US President Donald Trump also stated, 'We will strike a bridge or power plant in Iran for every ship targeted.'The global benchmark Brent crude rose more than 3% to above $95 per barrel. With the escalation of conflicts in the Middle East, oil prices have risen by about $10 in the past week. The increase in crude oil prices since the start of the war has reached 30%. The US benchmark West Texas Intermediate (WTI) also rose to nearly $88 per barrel.The conflict is expanding at a time when energy markets are already sensitive. Oil stocks have fallen below the levels seen at the start of the US-Israeli attacks in late February. In the US, gasoline prices rose by 4 cents on Wednesday to $4.06 per gallon. The increase in pump prices since the start of the war has exceeded 36%. Diesel prices also rose to $5.18 per gallon, an increase of around 38%.