Oil prices continue to rise as the conflict in the Middle East enters its sixth day

Global oil prices continue to make strong gains amid escalating geopolitical tensions in the Middle East, where the conflict between the United States and Israel on one side and Iran on the other entered its sixth day, raising widespread concerns about disruption to global energy supplies.

This rise comes amid escalating attacks on critical energy infrastructure, as well as the near-complete halt of maritime traffic through the Strait of Hormuz, one of the world's most important strategic oil transport routes.

Brent and West Texas crude rise amid supply concerns

Brent crude rose about 3% to around $83 a barrel, before seeing some correction to settle near $81.50 now.

West Texas Intermediate crude also rose to around $76 per barrel, supported by growing concerns about global supply shortages.

This rise reflects the tension that prevails in energy markets, as investors monitor military developments and their potential impact on global oil flows.

Closure of the Strait of Hormuz threatens global oil supplies

The Strait of Hormuz is one of the most important maritime corridors for oil transportation, with approximately 20% of the world's daily oil consumption passing through it.

The effective closure of the strait has disrupted a significant portion of global supplies.

As a result, some producing countries have faced difficulties in exporting their production, prompting them to temporarily reduce production as storage tanks fill with unsold oil.

What will determine the direction of oil prices?

Analysts believe that the duration of the closure of the Strait of Hormuz will be the decisive factor in determining the direction of oil prices in the coming period.

The longer the disruption to shipping lasts, the greater the pressure on global supplies, which could push prices higher.

However, if there is a diplomatic breakthrough or the shipping lane reopens quickly, markets may see some corrective pullback after the recent surge.

Oil prices are expected to remain highly sensitive to any political or military developments in the region, particularly those related to energy infrastructure or maritime shipping.

The global oil market remains on standby, with investors closely watching for any signs that may determine the future path of prices.