Fuel Oil Prices Rise Over 40%, Gas Prices Nearly Double

🔴 Major uncertainty has emerged in Middle East energy supply due to ongoing US and Israeli military operations against Iran. The impact has already begun affecting global energy markets, with fuel economist Ed Hirse warning that crude oil prices could reach $150 per barrel if supplies through the Strait of Hormuz are disrupted.

📍 Ed Hirse, a lecturer at the University of Houston, told Al Jazeera: "If even half of the oil coming through the Strait of Hormuz is stopped, oil prices could eventually rise to $150 per barrel. This could happen as the US Navy may no longer be able to protect tankers passing through the strait."

⛽ The impact is already visible in the liquefied natural gas (LNG) market. Prices increased by more than 40% on the first day of attacks alone. Between Monday and Tuesday, natural gas prices in European countries nearly doubled. Diesel prices have also risen at abnormal rates.

🌍 Hirse warned: "Gas-dependent countries have now started stockpiling petroleum, which is also affecting future orders in some US states. New England states will be significantly impacted. If this happens, the situation will become very bad domestically for President Trump, especially in the context of upcoming midterm elections."