Middle East Tensions Drive Oil Prices Up by Over 10%

The increasing military tension in the Middle East is causing significant fluctuations in the global markets. The price of Brent oil per barrel has increased by approximately 10% to $83.30.Following the statements by the US and Iran regarding control of the Strait of Hormuz, the markets experienced a period of instability. The developments in the region are heightening concerns over the global energy supply due to the inability of oil tankers to use the Strait of Hormuz.