OIL PRICES SURGE OVER $90 AS US-ISRAELI WAR DISRUPTS SUPPLY

Wed 11 March 2026:

Global oil prices climbed sharply as the ongoing Israeli-US war on Iran continues to rattle energy markets and raised concerns over crude supplies.

The international benchmark, Brent North Sea crude, rose by 5.1 percent to reach $92.23 per barrel during trading.

Meanwhile, the main US benchmark, West Texas Intermediate, recorded an even steeper increase. The contract gained 5.9 percent, pushing the price up to $88.38 per barrel.

Traders reacted to fears that the escalating conflict could disrupt exports from the region, which remains central to global oil production and shipping routes.

__________________________________________________________________________

https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22

__________________________________________________________________________

Gas prices across Europe and the UK have risen sharply as fears grow that the war in the Middle East could disrupt energy supplies.

Markets reacted after unconfirmed reports that Iran had begun laying mines in the Strait of Hormuz, a key shipping route used to transport fuel around the world. Any disruption to traffic through the strait could affect deliveries of liquefied natural gas to Europe and Asia.

The benchmark European gas price increased by about 5.7 percent during morning trading, while the main British wholesale contract rose by roughly 6 percent.

Tensions also escalated after the United States Central Command said US forces had “eliminated” 16 Iranian vessels it claimed were laying mines near the waterway.

G7 energy ministers ‘ready’ to take ‘necessary measures’ on oil reserves

Energy ministers of the G7 have said they “stand ready” to take “all necessary measures” in coordination with the International Energy Agency (IEA) to tackle the rise in crude oil prices due to the Middle East war.

After a virtual meeting yesterday with the IEA’s executive director, they said in a statement that “G7 members will carefully consider the recommendations issued during these discussions”.

“In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves,” they said, adding they were coordinating within the G7, with IEA member countries and beyond.

“We agreed to stand ready to take all necessary measures in coordination with IEA Members.”

IEA member countries currently hold more than 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.

The Paris-based IEA was created to coordinate responses to major supply disruptions after the 1973 oil crisis.

Closure of Strait of Hormuz by Iran could ‘increase food costs, intensify cost-of-living pressures’

The UN’s trade and development body, UNCTAD, has warned that a closure of the Strait of Hormuz could drive up food costs and “intensify cost-of-living pressures, particularly for the most vulnerable”.

The warning came in a new report highlighting how much of the world’s energy supply flows through the narrow waterway – 38 percent of global crude oil, 29 percent of LPG, and 19 percent of LNG.

A third of all fertiliser shipped by sea also passes through the Strait.

“Higher energy, fertiliser and transport costs may increase food costs and intensify cost-of-living pressures, particularly for the most vulnerable,” UNCTAD said.

The impact would be felt most acutely in Asia, which receives 84 percent of the goods shipped through the Strait, according to UNCTAD.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

__________________________________________________________________________

FOLLOW INDEPENDENT PRESS:

WhatsApp CHANNEL
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22