Oil prices jump amid US-Israeli war

The ongoing US-Israeli war over Iran has caused major instability in the global energy market. The conflict has sent crude oil prices soaring and crossed the $90 per barrel mark.

On Wednesday (March 11), Al Jazeera reported that Brent North Crude, the international benchmark, rose 5.1 percent to $92.23 per barrel. On the other hand, the price of West Texas Intermediate, the main US oil index, rose even more. This index rose 5.9 percent to $88.38 per barrel.

According to analysts, the rapidly escalating conflict in the Middle East has raised concerns about oil supply disruptions. The region is one of the world's major oil production and transportation hubs, which is causing growing market concerns.

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Traders fear that if the war spreads, oil exports from the Middle East could be disrupted, which could create greater instability in global energy markets.

Al Jazeera News