Oil Prices Surge Following Conflict in the Middle East

Oil prices have skyrocketed amid the escalating conflict between Iran and Israel in the Middle East. During trading, the price of "black gold" surged by approximately 7%, reaching its highest level since the beginning of 2025.

Brent crude is currently trading between $78 and $82 per barrel, while WTI remains within the $71 to $75 range. According to data as of 09:00 Astana time, Brent was priced at $77.13.

Analysts attribute the price spike to intensified military actions in the region. Increasing missile strikes, damage to tankers, and threats to oil supplies through the Strait of Hormuz have heightened market anxieties.

The Strait of Hormuz is a strategic route through which a significant portion of the world's oil supply passes. The instability in this region is exerting additional pressure on global energy markets and the world economy.