Oil Prices Surge 25% in Largest Daily Gain Amid Middle East War
Brent crude hits $118 per barrel after Strait of Hormuz closure and refinery attacks, with weekly gains over 50% sparking global supply fears and.
Key Points
- Brent crude surged >25% to $118/bbl, largest daily gain in decades, now ~$108.
- Weekly rise >50% to 4-year highs due to Middle East war supply fears.
- Strait of Hormuz closed, restricting 20% of global oil from Persian Gulf.
- Diesel up 30¢, petrol 15¢ in a week; further fuel hikes expected.
Oil prices surged more than 25% in a single day, with Brent crude topping $118 per barrel in the largest daily gain in decades, before pulling back to around $108 by 7:30 a.m. Over the past week, prices have risen over 50%, hitting four-year peaks amid fears of energy supply issues from the Middle East war.
The rally follows the Strait of Hormuz closure last week, which has restricted crude outflows from the region. Persian Gulf countries account for about 20% of global oil production, underscoring the strait's role as a vital passage. Attacks on refineries in Tehran have also impaired Iranian output facilities, heightening shortage risks.
The International Energy Agency warned early this morning of possible shortfalls in worldwide oil production. G7 finance ministers are tracking the situation closely.
Fuel prices are already reflecting the pressure, with diesel up nearly 30 cents in a week and petrol climbing around 15 cents. More rises are anticipated soon.
Original Sources
This article was aggregated from the following Catalan-language sources: