Oil surpasses $100 per barrel for first time since 2022 as US-Israel-Iran conflict continues to unsettle global markets.
The global benchmark oil price has climbed above $100 a barrel for the first time since 2022 as the escalating conflict involving Iran, Israel and the United States continues to unsettle global markets.
The sharp rise in oil prices comes as G7 finance ministers convene an emergency meeting to discuss the economic consequences of the conflict and the growing risks to global energy supplies.
The surge in prices reflects mounting fears that the war could significantly disrupt energy flows from the Middle East, particularly shipments passing through the Strait of Hormuz, a vital route that typically carries about a fifth of the world’s oil supply.
Brent crude crossed the $100 threshold on Monday, marking the first time the benchmark has reached that level since 2022, when energy markets were shaken by Russia’s invasion of Ukraine.
At the same time, tensions across the region intensified as several countries reported intercepting Iranian missiles. Turkey and the United Arab Emirates said they successfully intercepted missiles launched by Iran, while Qatar also confirmed an interception.
Israel said it was carrying out fresh military strikes on three areas in Iran and had also launched attacks in Lebanon as the conflict widened across the region.
Political leaders have warned that the prolonged conflict could have serious economic consequences. UK Prime Minister Keir Starmer said the longer the war continues, the greater the risk of damage to the global economy.
“The longer the war goes on, the more likely the potential for an impact on our economy,” Starmer said.
In the United States, President Donald Trump downplayed concerns about rising oil prices, describing the increase as a temporary sacrifice.
“Short term oil prices… are a very small price to pay for USA and world safety and peace,” Trump said.
Meanwhile, Iran announced Mojtaba Khamenei as the country’s new supreme leader following the death of his father, Ayatollah Ali Khamenei, who was killed nine days earlier in US-Israeli strikes.