Middle East Tensions Ripple Through Global Oil Markets

Oil prices rose amid Middle East tensions involving Iran and Israel, raising fears of gas price spikes. Despite war threats, US gas prices remain lower than last year due to constrained demand and increased supply. Experts predict a downward trend for future oil prices.

Oil prices have increased this week as tensions in the Middle East intensify, with Iran launching missiles at Israel, prompting fears of disruptions in oil supply. Despite these developments, experts caution against expectations of a spike in gas prices.

This week, oil prices surged by more than USD 6 per barrel. The global oil market current dynamics differ from the 1970s during the Yom Kippur War. The US now stands as the world's largest oil producer, and the impact of Mideast tensions on oil prices has been minimal.

Gasoline prices in the US have risen to an average of USD 3.18 per gallon but remain lower than last year's figures. The outlook remains positive due to low oil costs and subdued demand. The International Energy Agency projects continued low demand and increasing supply.

(With inputs from agencies.)