Tashkent, Uzbekistan – Podrobno.uz. Global oil prices have surged past $90 per barrel amid a new wave of escalation in the Middle East conflict. The rise in quotes is linked to strikes on the region's energy infrastructure and fears of supply disruptions through the Strait of Hormuz.

According to trading data on July 22, the price of September Brent crude futures rose nearly 4% and peaked at $94.68 per barrel. US WTI crude climbed to $87 per barrel, hitting a one-month high.

A key factor driving the market was a sharp decline in shipping volumes through the Strait of Hormuz, through which about a fifth of global oil supplies pass. This followed statements by the Iranian side about a possible complete blockade of fuel transit amid the ongoing conflict.

Simultaneously, the sides exchanged strikes on infrastructure targets. According to foreign media, Iranian forces allegedly attacked oil refining and desalination facilities in Kuwait, while the US regime purportedly struck bridges and other logistical targets inside Iran.

The escalation has already impacted the US retail fuel market. Since the start of the conflict, gasoline prices have risen by approximately 34%, approaching $4 per gallon, while diesel fuel reached $5.10 per gallon.

Analysts note that the situation is exacerbated by declining global oil inventories and a persistent diesel shortage. According to Energy Aspects, if the situation deteriorates further, oil prices could exceed $100 per barrel.

Earlier, Kyrgyzstan imposed an indefinite ban on the export of gasoline and diesel fuel, citing the need to ensure the country's energy security.

Source: podrobno.uz