The confrontation between Israel and Iran caused turmoil in the global markets, as investors have tended towards safe assets such as gold, and oil prices fluctuated to the highest levels in three years. The Brent crude difference also recorded a sharp increase, in reference to the growing fears of the shrinking supplies, and options contracts recorded an increase in the volume of bets on the rise of prices, at a rate that exceeds what the markets witnessed after the Russian -Ukrainian war in 2022. The largest concerns in the oil market are focused on the "Strait of Hormuz", although there are no indications so far that Iran seeks to disrupt the shipping movement through this The narrow waterway. About one -fifth of the global daily production is passed through the strait at the entrance to the Arabian Gulf.

Oil prices rose during trading yesterday, after the previous session ended an increase of more than four percent, amid fears that the Iranian -Israeli conflict will disrupt supplies.

Brent crude futures rose 26 cents, equivalent to 0.3 percent to $ 76.71 a barrel. US West Texas Intermediate crude futures rose 35 cents, or 0.5 percent, to $ 75.19 a barrel.

US President Donald Trump called on Tehran on Tuesday to "unconditionally surrender" as the air war between Iran and Israel entered its sixth day. Analysts said that the market is very concerned about the breakdown of supplies in the Strait of Hormuz, through which the fifth of the oil is passed by sea in the world.

Iran is the third largest producer in the Organization of Petroleum Exporting Countries (OPEC), as it extracts about 3.3 million barrels per day of crude, but the excess production capacity of producers in (OPEC) and its allies are able to cover this amount easily.

Brent crude prices jumped about ten dollars per barrel during the past two weeks, and Fitch analysts expected the geopolitical risk allowance to be limited to approximately 5 to $ 10.

Gas

The prices of natural gas in Europe have risen for the sixth consecutive session, heading to record the longest daily gains in about four weeks, with the support of increasing concerns about the safety of navigation movement across the Strait of Hormuz.

The Dutch gas futures - European standard - July delivery up 0.9% to 39.66 euros ($ 45.65) per MB/hour during trading. A number of market monitors fear that Iran will resort to attacking the tankers that pass through the Strait of Hormuz.

Qatar asked the lighter natural gas ships yesterday to wait outside the strait until it is ready for download, according to the Bloomberg agency, in light of the escalating attacks. It passes about a fifth of the size of the global gas trade through the vital marine corridor.

Le Ming Bang, the chief analyst of the company «Reesad Energy» in a statement to the agency, said that the strait is subject to strict monitoring, and any disruption in the shipping movement that may lead to price increases, especially for countries that depend largely on gas coming from the Middle East.

While Florence Shamat, the market analyst at Rabobank, explained that the next two days will be decisive in determining whether the prices of gas and energy will continue to rise, or whether the markets will witness a temporary calm.