The price of oil has crossed a symbolic threshold on international markets. The price of West Texas Intermediate (WTI) crude, the US benchmark, exceeded $100 a barrel on Sunday, a first since the summer of 2022, amid growing concerns about global energy supplies.
At the opening of trading in Chicago, the April contract rose sharply, climbing nearly 14% to around $103 a barrel. This sharp increase comes as military tensions in the Middle East fuel fears of a shock to the oil market.
The Strait of Hormuz at the heart of energy concerns
The surge in prices is primarily linked to the blockade of the Strait of Hormuz, a strategic waterway through which a significant portion of global hydrocarbon trade passes. Any disruption in this key area is likely to cause immediate price pressures.
Markets are now fearing a lasting impact from the conflict on oil and gas export flows. This situation revives the specter of a new period of high energy volatility, with potential consequences for inflation and energy costs in many countries.
