New York, March 17 (SANA) – Crude oil prices in the Middle East have surged to unprecedented levels, becoming the highest globally, as trading activity declines due to disruptions caused by the ongoing U.S.-Israeli war against Iran and the obstruction of supplies through the Strait of Hormuz.
According to market data cited by international agencies, the Dubai benchmark crude price climbed sharply to around $153 per barrel for May deliveries, surpassing previous historic peaks and reflecting growing pressure on global supply chains. The surge comes amid heightened geopolitical risks and limited tanker movement through the Gulf.
Shipping disruptions have significantly reduced export volumes, particularly toward Asian markets, where Middle Eastern crude flows have dropped markedly compared to previous months. Analysts attribute this decline to security concerns, higher insurance costs, and logistical constraints affecting maritime transport across the strait.
The sharp rise in prices is beginning to impact refining activity, especially in Asia, with some refiners reducing operating rates or seeking alternative sources of supply. Experts warn that continued disruption could further tighten global markets, increase volatility, and add pressure to energy-importing economies.
The Strait of Hormuz remains one of the world’s most critical energy corridors, and any prolonged disruption is expected to have far-reaching consequences for global oil markets and economic stability.
Kh.A
