Global energy markets face pressure as oil reaches $119

NEW YORK: Energy prices have gone up in global markets after recent attacks on oil and gas facilities in the Middle East.

According to reports, the price of Brent crude oil increased sharply to $119 per barrel. However, it later dropped slightly and settled around $106 per barrel. At the same time, West Texas Intermediate (WTI) oil prices also rose and crossed $93 per barrel.

Gas prices have also seen a big increase, especially in Europe and the United Kingdom. Reports say that gas prices in the UK have gone up by 35 percent. In Europe, gas prices have almost doubled since the start of the Iran-Iraq conflict.

Experts believe that these attacks have disturbed the global supply of energy. Because of this, prices are changing quickly and moving higher in international markets.

Meanwhile, Iranian Foreign Minister Abbas Araqchi said that Iran has given a limited response to Israeli attacks on its non-military sites. He added that Iran has shown restraint after calls to reduce tensions.

However, he warned that if Iran’s infrastructure is attacked again, the response will be stronger. He also said that any possible end to the conflict would require rebuilding the damaged civilian areas.