Oil prices rose sharply in Asian trading on Monday after unrest in the Middle East. This is reported by Bloomberg News.
The price of a barrel of Brent oil is being traded at $82. This is an increase of about 13 percent compared to Friday's closing price of just under $73 per barrel.
The benchmark Brent oil is a type of crude oil that is often used as a reference for oil prices in Europe and elsewhere in the world. According to Bloomberg News, this is the highest price of Brent oil since January 2025.
The last time crude prices exceeded $100 per barrel was at the beginning of the war in Ukraine, writes the news agency AFP.
Oil prices have risen after the extensive American and Israeli attacks on Iran, which began on Saturday. When the price of oil rises, it typically has a negative impact on stock markets. The Middle East is the region with the largest oil production. Therefore, the region's conflicts typically affect oil production or make shipping difficult.
When shipping is made difficult, it is particularly the Strait of Hormuz, which, with its location between the Persian Gulf and the Gulf of Oman, is one of the busiest straits in the world.
The location makes the strait an important trade hub. Around 20 percent of the world's oil passes through the Strait of Hormuz, writes AFP.
The Strait of Hormuz is not officially closed, but several ships have changed their routes as a result of the attacks. This applies, among others, to the Danish shipping company Maersk, which has suspended all crossings through the strait. This could mean that the oil will have to be shipped by another route, which takes longer and therefore costs more.
Israel, in cooperation with the United States, launched a large-scale air strike on Iran on Saturday. It was later confirmed on Iranian state television that Iran's supreme leader, Ayatollah Ali Khamenei, had been killed in an attack. As were a number of senior Iranian military personnel. Khamenei has been Iran's supreme leader since 1989.
In response to the Israeli and American attacks, Iran has attacked targets in Israel and a number of countries where American military bases are located.
/ritzau/
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