Oil prices continue to rise amid the escalation of the conflict between the USA, Israel, and Iran

Oil prices rose on Thursday by more than 3%, with Brent crude reaching $83.99 per barrel and West Texas Intermediate $77.42, amid escalating conflict between the US, Israel, and Iran.

Tensions were heightened by Iranian attacks on Israel and attacks on ships near the Strait of Hormuz, a vital artery for global oil supply. Analysts highlight ongoing supply risks, and Iraq has reduced production due to a lack of storage space. Qatar declared a major force majeure for gas exports, and ships remained anchored in Gulf waters, affecting deliveries. The Chinese government has asked companies to suspend new contracts for the export of refined fuel, which could further influence the market.