The ongoing conflict in the Middle East is having a growing impact on global energy markets, with crude oil prices rising sharply in recent days.
Market data shows that oil prices have surged significantly as geopolitical tensions raise concerns about supply disruptions in key energy-producing regions.
Crude oil prices in the international market have continued their upward trend amid uncertainty caused by the war in the Middle East.
The price of Brent crude oil has climbed to around $87 per barrel, reflecting strong pressure on the global energy market. The rise represents a sharp increase compared with February 27, when crude oil was trading at about $73 per barrel.
US crude oil also surges
The surge in oil prices has not been limited to Brent crude. In global trading, US crude oil prices increased by more than 4%, reaching $84.28 per barrel.
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The increase highlights growing concerns among investors and energy markets about the potential impact of the conflict on global oil supply.
British crude oil
British crude oil also recorded a noticeable rise in the market. Prices increased by 2.24%, bringing the rate to $87.32 per barrel.
This upward movement reflects the continued volatility in the global oil market as geopolitical risks intensify.
The Kremlin said on Friday that the war in Iran had fuelled demand for Russian energy products, noting that buyers like China and India were guided by their national interests.
Kremlin says Iran war has fuelled demand for Russian energy
On Thursday, the US Treasury issued a 30-day waiver allowing India to buy Russian oil currently stuck at sea. The conflict has left the Strait of Hormuz, a critical shipping passage all-but shut, with countries around the world cut off from a fifth of global oil and liquefied natural gas supplies.
"We are seeing a significant increase in demand for Russian energy resources in connection with the war in Iran. Russia has been and remains a reliable supplier of both oil and gas, including pipeline gas and liquefied natural gas," Kremlin spokesman Dmitry Peskov told reporters.
"It also remains capable of guaranteeing the continuity of all deliveries for which contracts have been concluded."
Peskov declined to disclose possible volumes of Russian oil supplies to India following Washington's waiver, which followed months of US pressure on New Delhi not to buy Russian oil.
