West Asia War Pushes Global Energy Market to Dangerous New Phase

NEW YORK. Analysts have warned that the ongoing war in West Asia has pushed the global energy market into a new and more dangerous phase. Although the global oil market has managed to maintain supply by adopting various alternative measures since the start of the war with Iran, most of these options are now weakening. This has raised concerns that crude oil prices in the international market could rise unprecedentedly, deepening global inflation and economic crisis.

Although oil prices rose significantly after the war began, they did not reach the level of 128 US dollars per barrel in 2022 or the historical record of 146 dollars reached before the 2008 global economic recession. However, energy market analysts say the current situation is much riskier than before. According to Helima Croft, global strategy chief at RBC Capital Markets, the war has decisively entered a more dangerous phase. She says the belief that the market will always find an alternative is now weakening.