Oil costs soaring past $79 per barrel on global markets
In a dramatic turn of events today, the price of oil experienced a significant surge, reaching a whopping $79 per barrel on the London ICE exchange. This peak hasn't been witnessed since early 2025.
Following a brief spike at 18:56 Moscow time, the August Brent crude futures contracts surged 2.46% nearing the $78.59 per barrel mark. American WTI crude oil followed suit, gaining 2.35% to $75.23, according to Prime.
The surge in oil prices can be attributed to the looming uncertainty surrounding the ongoing Iranian-Israeli conflict. With tension escalating in the Middle East, analysts anticipate that if tensions subside, the price of oil may not return to the $60 per barrel range it previously held.
In the heart of the current upheaval, Israel has been conducting numerous airstrikes targeting Iranian nuclear, missile, and military facilities. Iran, in response, has launched over 450 missiles and 1000 drones into Israel. Although Israeli defenses have intercepted most of these attacks, some missiles have managed to cause casualties and damage, including a residential area in Beer Sheva.
The search for a peaceful resolution remains elusive, as Iranian officials' positions remain hardened, and military operations continue unabated on both sides. The threat of potential disruptions in Iranian oil exports and the ensuing instability in global energy markets is expected to keep oil prices elevated for the foreseeable future.
Reporting from London by Anastasia Smirnova
© 2025, RIA "Novy Day"
[1] en.m.asia.ru/news/world/iran/1378445059[2] en.m.kremlin.ru/events/president/news/67135[3] en.m.yesterday.ru/articles/212535
The surge in oil prices, driven by the escalating Iran-Israel conflict, has significantly impacted the global energy and finance industries. With Iranian oil exports potentially disrupted and instability in the market, analysts predict that the higher oil prices, currently at $79 per barrel, may not revert to the previous $60 per barrel range soon.
The ongoing conflict between Israel and Iran has also raised concerns in the oil-and-gas sector, as the disruption of Iranian oil exports could further escalate oil prices, potentially causing instability in the worldwide energy market.
