London: Global oil prices have experienced a significant increase following Israel's unexpected air strikes on Iranian nuclear and military facilities. The surprise attack has led to heightened geopolitical tensions, causing fluctuations in the global oil market. According to Radio Free Europe Radio Liberty, as of late June 13, futures for the benchmark Brent blend surged by more than 7 percent compared to the previous day and rose by 12.5 percent compared to a week earlier. Similarly, U.S. West Texas Intermediate crude ended the day with a 7.62 percent increase, marking a 13 percent rise over the past week. The situation has been exacerbated by Iran's veiled threats to disrupt oil tanker traffic through the Strait of Hormuz, a critical shipping passage. This narrow waterway is essential for Saudi Arabia, Kuwait, Iraq, and Iran to transport their oil to China and other international markets. It is estimated that about one-fifth of the world's total oil consumption passes through this strait. Ukrainian Pres ident Volodymyr Zelenskyy is among those cautioning about the political implications of rising oil prices. Zelenskyy noted that Russia, which heavily depends on global oil revenues to sustain its war economy, stands to benefit from the increased income generated by higher oil prices. "The strikes led to a sharp increase in the price of oil, which is negative for us," Zelenskyy remarked. "The Russians are getting stronger due to greater income from oil exports."
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