Attacks in the Middle East shake oil markets, prices rise rapidly

The oil sector experienced a volatile start to the first trading day of the week. Following the ceasefire reached last April, the resumption of mutual attacks between Iran and Israel for the first time in a long period has brought about a sharp rise in international oil prices.

While the price of a barrel of Brent crude gained approximately 5 percent, approaching 98 dollars, American crude oil also climbed to the 95-dollar level. Experts emphasized that the re-escalation of conflicts in the region was the determining factor in this increase.

The rising tension in the region began when Israel violated the ceasefire agreement and conducted an operation against Lebanon. Iran responded quickly to this move by launching an attack on Israel. The mutual attacks were observed for the first time between the two countries since the ceasefire declared on April 8.

Last week, there had been a slight decline in oil prices due to hopes for a possible peace agreement between Iran and the US. However, following the increase in military operations by US-backed Israeli forces in the region, price movements began to follow an upward trend again.

Experts warned that the continuation of uncertainty in the region could lead to increased volatility in oil markets. Energy market actors stated that caution should be exercised against possible new developments in the coming days.

News Source: 12punto