Global oil markets spiked Sunday amid escalating U.S.-Israel-Iran tensions, with Brent crude climbing to around $80 per barrel and analysts warning of further gains if the Strait of Hormuz remains closed.
Oil prices jumped roughly 10% in over-the-counter trading Sunday as renewed military action involving Iran heightened fears of supply disruptions in the Middle East, traders said. Analysts told Reuters that Brent crude could approach or even exceed $100 per barrel if the key shipping route, the Strait of Hormuz, which handles about 20% of global crude exports, remains effectively closed.
“While the military attacks are themselves supportive for oil prices, the key factor here is the closing of the Strait of Hormuz,” said Ajay Parmar, director of energy and refining at ICIS. Many tanker operators, oil majors, and trading houses have suspended shipments of crude, fuel, and liquefied natural gas through the strait after Tehran issued navigation warnings.
Regional leaders have cautioned that a broader conflict could push prices even higher. Analysts from RBC and Barclays have predicted oil could reach $100 per barrel if the situation prolongs.
In response to mounting market pressure, the OPEC+ group announced plans to increase output by 206,000 barrels per day starting in April, a modest rise representing less than 0.2% of global demand.
The Iran conflict has intensified concerns over global energy security, prompting traders and governments to assess stockpiles and explore alternative shipping routes amid growing geopolitical uncertainty.
Global oil markets spiked sharply in early March as escalating military tensions involving the United States, Israel, and Iran drove Brent crude to near $85 per barrel, one of the biggest single‑day jumps in years, with analysts warning additional gains could follow if disruption risks persist, particularly around the strategic Strait of Hormuz. The International Energy Agency said any further escalation could cause sharp volatility in crude markets, while OPEC+ agreed to boost output by 206,000 barrels per day starting in April to help stabilize supplies. Meanwhile, Russia cautioned that the possible closure of the Strait through which roughly a fifth of global oil exports transit could choke global energy flows, prompting calls for de‑escalation. In financial markets, stock exchanges in the United Arab Emirates temporarily halted trading amid the unrest, and investors increasingly turned to safe‑haven assets such as gold and government bonds.
Si Venus L Peñaflor ay naging editor-in-chief ng Newsworld, isang lokal na pahayagan ng Laguna. Publisher din siya ng Daystar Gazette at Tutubi News Magazine. Siya ay isa ring pintor at doll face designer ng Ninay Dolls, ang unang Manikang Pilipino. Kasali siya sa DesignCrowd sa rank na #305 sa 640,000 graphic designers sa buong daigdig. Kasama din siya sa unang Local TV Broadcast sa Laguna na Beyond Manila. Aktibong kasapi siya ng San Pablo Jaycees Senate bilang isang JCI Senator.
- Venus L Peñaflor
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