Global energy markets under pressure as oil hits $119

NEW YORK: Following the attacks on oil and gas facilities in the Middle East, energy prices have seen a significant increase in global markets.

According to reports, the price of Brent crude oil rose to $119 per barrel, but later fell to around $106 per barrel. Similarly, the price of West Texas Intermediate exceeded $93 per barrel.

According to Western media, gas prices have also increased significantly in Europe and the UK, where gas prices in the UK have increased by 35 percent, while gas prices in Europe have almost doubled since the start of the Iran-Iraq war.

Experts say that the attacks on energy facilities have affected global supply, resulting in price fluctuations and increases.

On the other hand, Iranian Foreign Minister Abbas Araqchi has said that Iran has responded limitedly to Israeli attacks on its non-military facilities and has shown restraint in response to calls to reduce tensions.

He warned that if Iran’s infrastructure is attacked again, there will be a more severe response, and that any end to the war will require the repair of damage to civilian areas.