New York, March 16 (SANA) Oil prices continued to climb Sunday as markets reacted to the escalating conflict in the Middle East, with further gains expected when trading resumes Monday.
Brent crude and U.S. West Texas Intermediate futures have risen more than 40% since the start of the conflict on Feb. 28, reaching their highest levels since 2022, Reuters reported.
The surge followed the halt of shipping through the Strait of Hormuz, a strategic waterway through which about 20% of global oil supplies pass.
The International Energy Agency (IEA) said it would immediately release oil from strategic reserves in Asia and Oceania, with additional releases planned later in the Americas and Europe to ease pressure on global markets.
The region has seen heightened military escalation since Feb. 28, including continued U.S. and Israeli strikes on Iran and Iranian missile and drone attacks on key facilities across several countries.
The developments have raised concerns about a wider conflict and potential disruptions to global energy supplies and major shipping routes.
N.J
