Islamabad (Commerce Desk) — Following attacks on Iran by the U.S. and Israel, tensions in the region have escalated, impacting global oil markets. On Monday, Brent crude prices surged by nearly 10 percent, exceeding $82 per barrel, before easing slightly to $79 per barrel.
The oil-producing nations’ group OPEC announced an increase in daily production by 206,000 barrels to help control rising prices. Experts warn that if the conflict continues, oil prices could surpass $100 per barrel.
Iran has halted ship movements through the Strait of Hormuz, which handles nearly 20 percent of the world’s oil and gas shipments. According to the British Maritime Trade Operations Center, at least three vessels near the Strait have reportedly been attacked, while over 150 tankers remain anchored in Gulf waters, waiting to transit.
