Oil prices rise to their highest level in recent years

Oil prices jump to almost $120 per barrel for the first time in 4 years

World oil prices have risen sharply amid escalating conflict over the Iran and the risks of supply disruptions from countries Middle East.

As reported by Bloomberg, On the morning of 9 March, the benchmark's Brent exceeded 110 USD per barrel - for the first time since 2022.

Sharp growth on the stock exchange

During trading, the price of Brent rose to USD 119.5 per barrel, which means an increase of approximately 29%.

At the same time, US oil WTI achieved USD 119.48 per barrel, showing an increase of approximately 31%.

Analysts attribute this to fears of disruptions in energy supplies from the Persian Gulf region.

Possible G7 intervention

Price growth slowed slightly after the announcement Financial Times about possible intervention by countries G7.

According to the publication, the G7 countries plan to hold emergency meeting, where they can discuss oil sharing with strategic reserves, to stabilise the market.

Context.

The oil market is very sensitive to military conflicts in the Persian Gulf region, which accounts for a significant portion of global energy supplies.

Any threats to oil exports from the region could lead to sharp price spikes on global exchanges.