Oil Prices Exceed $111 Amid Severe Turmoil in Global Markets

Major turmoil has erupted in the crude oil market as stalled peace negotiations between the United States and Iran trigger a new wave of the global energy crisis. Analysts warn that the resulting supply shortages could become a prolonged issue.

Today, May 18, at 09:10 AM Astana time, Brent crude futures surged to $111.16 per barrel. This represents a 6.68% increase compared to figures recorded just one week ago.

The International Energy Agency (IEA) has raised concerns, noting that global oil inventories are depleting at record speeds due to the ongoing closure of the strategically critical Strait of Hormuz.

"Continuous disruptions in the oil supply chain and a sharp decline in reserves could lead to even more severe price spikes in the near future," agency representatives warned.

Despite a fragile truce reached in April, tensions between Washington and Tehran have reached a critical point. The Iranian side continues to block the Strait of Hormuz, a maritime corridor that previously accounted for 20% of global oil and gas transit prior to the conflict.

In response to these actions, the United States has supported a blockade of Iranian ports. In a statement issued yesterday, U.S. President Donald Trump delivered a stern warning to Tehran.

"For Iran, the clock is ticking," the White House leader stated.

Global markets now await further developments under heightened uncertainty.