New York, USA – Web Desk: Global oil prices have dropped significantly amid ongoing Middle East tensions, with Brent crude falling from $120 to $90 per barrel. The decline follows US and Israeli attacks on Iran and retaliatory disruptions in the Strait of Hormuz, a key oil transit route.
US President Donald Trump warned of severe consequences if Iran blocks oil supplies through Hormuz and announced a plan to stabilize global energy prices. Subsequently, Brent crude fell further to $88 per barrel.
UK gas prices also dropped to 126 pence per therm from yesterday’s 171 pence. Despite this decline, concerns remain over energy supply as Iranian forces restrict passage of foreign vessels, with Saudi Aramco cautioning of potential “catastrophic consequences.” France confirmed deployment of aircraft carriers and helicopters to protect commercial ships in the Strait.
President Trump indicated that while the war could end soon, continued Iranian attacks on Hormuz might prolong regional conflict.
