Global Oil Prices Could Reach US$80 per Barrel

 The escalation of armed conflict between Iran and Israel, which recently involved the United States, has caused a surge in prices on the global oil market. The continuing escalation of the conflict between the two sides is predicted to push oil prices up to US$80 per barrel. The prices of mining commodities, such as gold, are also predicted to rise.

West Texas Intermediate (WTI) crude oil reached 74.87 US dollars per barrel, marking a 1.03 percent increase since the market opened. Brent crude oil prices have already reached 78 US dollars per barrel, even briefly touching 79 US dollars per barrel, the highest level since January 2025.

The main trigger for the surge in global crude oil prices was the US attack on three Iranian nuclear facilities over the weekend. This price movement, in the context of the market's immediate reaction to escalating geopolitical tensions, can be considered quite aggressive.

"The oil market is known to be highly sensitive to turmoil in the Middle East. This significant price spike in a short period of time reflects growing concerns about potential supply disruptions, especially with the US's direct involvement in the ongoing conflict."

Greater concerns have arisen over Iran's threat to close the Strait of Hormuz. This narrow sea lane is a vital artery for global energy supplies. Around 20 percent of the world's crude oil distribution passes through the Strait of Hormuz every day.

If Iran were to actually close the Strait of Hormuz, it would have significant repercussions that could trigger a global energy crisis. "Oil prices would skyrocket, potentially surpassing $100 per barrel, and possibly even higher, sparking inflation worldwide and dragging the global economy into a recession."