Dhaka, Mar 16 (V7N)- Global oil prices have surged again in the international market as the ongoing war involving Iran enters its third week, pushing crude prices to their highest level since July 2022.

According to market data on Sunday evening (March 16), the global benchmark Brent crude rose about 2.9 percent to $106.12 per barrel. At the same time, the US benchmark West Texas Intermediate increased 2.6 percent to $101.53 per barrel.

Market analysts say oil prices are rising due to fears of a prolonged conflict involving Iran, the United States, and Israel, along with concerns over disruptions to key global energy routes.

The Strait of Hormuz, one of the world’s most critical oil transit routes through which nearly 20 percent of global oil supplies pass, has reportedly been largely closed to oil tankers since the conflict escalated.

In response, US President Donald Trump has called for the rapid reopening of the waterway with the support of allied countries. He said a coordinated international effort is required to quickly and safely restore global oil supply chains.

Washington has also announced plans to deploy the United States Navy to escort and protect oil tankers in the region. However, US officials acknowledged that it may take several weeks to fully implement the operation.

Meanwhile, Iran has warned that it could plant mines in the Strait of Hormuz and target oil and gas facilities linked to the United States, escalating tensions further. Reports also indicate that several oil tankers have already been attacked in the waterway since the conflict began.

Experts warn that if the disruption continues, global energy markets could face further instability and price increases in the coming weeks.

END/SMA/AJ