Brent oil prices currently at 119 USD per barrel as US-Iran negotiation prospects remain deadlocked and US oil inventories drop sharply more than forecast.
Middle Eastern countries are at risk of their worst economic crisis since the pandemic, with gross domestic product potentially falling by up to 6% this year due to ongoing conflict, according to Reuters.
The Middle East conflict costs Europe nearly USD 600 million daily, forcing the EU to propose releasing emergency reserves to address energy shortages.
The month-long blockage of the Strait of Hormuz has stranded 500 million barrels of oil, resulting in a 50 billion USD loss for the global energy market.
Brent crude traded around 98 USD per barrel, up nearly 5%, while the S&P 500 and Nasdaq Composite indices achieved new highs for the second consecutive session.
