Oil prices on global markets have risen simultaneously with the intensification of tensions in the Middle East; Brent crude reached $96.78, West Texas Intermediate (WTI) crude reached $89.31, and the OPEC oil basket reached $102.8 per barrel.

At the same time, reports have been published of a decline in oil tankers transiting the Strait of Hormuz, security threats in the Red Sea, China’s increased purchases of Russian oil, and India’s efforts to secure oil from alternative sources. Analysts say that the continued tensions in the region could have a long-term impact on global oil supply and the price trend.