Global energy markets have come under pressure as tensions between the United States and Iran have intensified again. Following US strikes on Iran, Iran’s retaliatory actions, and the closure of the Strait of Hormuz, international crude oil prices have surged sharply.

During Monday’s trading session, Brent crude oil prices increased by more than 5%, approaching nearly $80 per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil prices rose over 4% to around $75 per barrel. Murban crude oil prices also jumped by approximately 5.50%.

The Strait of Hormuz is one of the world’s most important oil supply routes, carrying around 20% of global oil demand. Previous disruptions in the region pushed crude oil prices close to $120 per barrel, causing increases in fuel prices and creating severe pressure on global energy markets.

The latest rise in oil prices has revived concerns over global inflation. Higher energy costs can directly increase transportation and production expenses, eventually affecting consumer prices and adding further pressure on the global economy.