Oil markets have witnessed a spectacular surge in prices, driven by the escalation of tensions tied to the war waged by the United States and Israel against Iran and growing fears of a major disruption to global oil supply.
Brent breaks above $111 a barrel
Brent futures jumped by $18.35, taking the price of a barrel to $111.04, in a context of high nerves in international energy markets.
This rise is part of a marked volatility movement, as investors fear lasting disruptions to oil flows in the Middle East.
U.S. oil hits its highest level since July 2022
U.S. crude futures also posted a strong advance, climbing by more than 20% to reach their highest level since July 2022.
This rally is notably explained by the intensification of the conflict involving the United States, Israel and Iran, reviving worries about a possible reduction in global supply and a prolonged blockage of oil shipments through the strategic Strait of Hormuz, through which a significant portion of world oil passes.
WTI up sharply
The American crude West Texas Intermediate (WTI) rose by 16.31%, reaching $105.73 per barrel.
During the session, prices even climbed to $111.24, a rise of 22.4%, before trimming some gains.
A record weekly rise
On Friday, the benchmark oil had already registered a rise of about 12%, bringing the weekly gain to nearly 36%, a particularly high level reflecting market concerns about geopolitical risks in the Gulf region.
