Oil prices soar in global markets after US attack on Iran

The United States has launched a new major attack on Iran. After the US attack on various places including the country's Chabahar port, crude oil prices have suddenly increased in the global market. This rise in the market has mainly been due to the fear of a new conflict in the Middle East and the fear of disruption of global energy supplies. In such a situation, investors are now keeping an eye on the next steps of Washington and Tehran.

According to the Gulf News, crude oil prices in the global market have increased significantly at the beginning of trading on Thursday (July 9) after the US attack on Iran's strategically important Chabahar port. This attack has mainly spread new tensions in the Middle East. This has also increased the fear of disruption of global energy supplies.

On Thursday morning, the price of Brent crude, the international market benchmark, rose by 5.20 percent to $78.02 per barrel. At the same time, the price of West Texas Intermediate (WTI) crude oil rose 1.41 percent to $74.56 per barrel.

Abu Dhabi's main export grade, Murban crude, which is widely used in Asian refineries, rose the most, or 6.67 percent, to $73.57 per barrel. At the same time, the price of US natural gas also rose 0.25 percent to $3.220.

Earlier on Wednesday night, the United States attacked several military installations in Iran's only ocean port of Chabahar.

This is the first US military operation in the area since a ceasefire in April. At the same time, the attack has spread the conflict beyond the Strait of Hormuz. About a fifth of the world's total oil supply is transported through this vital waterway.

According to analysts, even though Chabahar port is outside the Strait of Hormuz, there is fear in the market that Iran could retaliate by attacking regional energy infrastructure or commercial shipping lanes. According to them, the biggest concern is that if the conflict widens, the waterway connecting the Persian Gulf to the Indian Ocean could also be at risk.

In addition, the relatively high increase in the price of Murban crude from the United Arab Emirates indicates that Asian buyers are more concerned about regional supply risks. Because refineries in various Asian countries, including Japan, South Korea, and China, use more oil of this standard.

According to analysts, the market is now watching whether Iran takes direct action against US forces or creates any kind of obstruction to shipping at sea. The energy market has been in a very sensitive state since the conflict in the Middle East intensified in February this year.