Tension in the Middle East has shifted to the oil market due to a possible Israeli attack on Iranian oil installations. Wars not only affect those who suffer them personally, but also They also hit where it hurts the most: the pocket. Especially at the price of oil and to verify this, just look back.
We go back to the Iraq War to prove it. While in March 2003 a barrel cost around $25, two years later it cost more than double, increasing its price by 118%.
And this is not the only war in which this has happened. February 24, 2022, the day it all began Russia’s invasion of Ukrainethe barrel was around 100 dollars. Far from what it would cost almost four months later, up 20% and reaching almost $120.
Exorbitant prices have led to institutions must respondby launching aid programs such as the reduction of 20 cents per liter of fuel implemented in Spain.
All this while the whole world had just suffered the pandemic of COVID-19, it was one of the rare times in history when the price of oil fell due to low demand. It did so up to $35 per barrel.
However, last week, oil rose 9%, revealing, once again, the “other” consequences of the war. The price of Brent, the benchmark crude oil in Europe, rose to 78 dollars. In fact, the price of a barrel of oil experienced its biggest increase of the year on Tuesday, after Iran’s missile attack on Israel.
