Oil Prices Surge Again, Reaching New Record High

Brent crude futures rose again, reaching $104.81 per barrel, a level not seen since July 2022, amid instability triggered by the U.S.-Israeli aggression against Iran.

Following a brief decline, the global benchmark price rose 1.39%. Meanwhile, West Texas Intermediate (WTI) U.S. crude futures are trading at approximately $99 per barrel, also the highest since July 2022.

The confrontation, which began in late February, has included the closure of the Strait of Hormuz, a critical maritime artery through which one-fifth of the world's energy supply flows. The Islamic Revolutionary Guard Corps reiterated last week that vessels belonging to the United States and its partners are prohibited from crossing the waterway.

U.S. Authorizes Russian Oil

Amid this situation, the United States issued a new general license on Thursday authorizing the sale of crude oil and petroleum products of Russian origin loaded onto vessels. The license states that all transactions previously prohibited under the authorities listed in the document are authorized until 12:01 a.m. on April 11, 2026, provided they are "normally incidental and necessary" for the sale, delivery, or offloading of such cargoes. The authorization is noted to apply to "any vessel," including those blocked under those authorities.

The Offensive Against Iran

• Israel and the United States launched a joint offensive against Iran in the early hours of Saturday, February 28, with the stated objective of "eliminating the threats" posed by the Islamic Republic.
• The strikes resulted in the death of Ayatollah Ali Khamenei and several senior military officials. Mojtaba Khamenei, son of the deceased Supreme Leader, was elected as his successor.
• In response to the offensive, Tehran has launched multiple waves of ballistic missiles and drones against Israel and U.S. military bases across the Middle East.