Oil Markets React as Middle East Tensions Escalate
Oil Markets React as Middle East Tensions Escalate There is a high oil price that has increased to its best levels in months due to the escalating war between the United States and Iran. As military forces flock the Persian Gulf and the diplomatic efforts are held by a thread, traders are putting in a growing war premium which would hike fuel costs on consumers across the world. The stakes are very high. Iranian Strait of Hormuz, a narrow waterway, ships 2030 percent of the global seafaried oil, and is at the center of the crisis. Any interference would spread out in the world economy. Markets Spike on War Fears On Wednesday, February 18, the price of crude recorded the highest advancement in a single day since October 2025 following news of a huge U.S. military buildup in the area that caused buying frenzy. The West Texas Intermediate (WTI) crude rose 4.6 percent to end at 65.19 a barrel. The international standard Brent increased by 4.4 per cent and early for the first time in over t...