International oil prices break through $100 per barrel amid US-Iran conflict

The war between the United States, Israel, and Iran continues, and international oil prices are showing a sharp upward trend. Two days ago, West Texas Intermediate (WTI) crude oil crossed the $100 per barrel mark for the first time in three years during the trading day, ultimately closing at $102.88. As uncertainty stemming from the war spreads, oil prices are facing sustained upward pressure.

This rise in oil prices is closely linked to the military intervention by the Houthi forces associated with Iran. The Houthis fired missiles at Israel, sparking concerns about the safety of shipping routes in the Red Sea. At the same time, the Strait of Hormuz, which could be blocked for the long term and is one of the main factors driving up oil prices, is another potential issue—one that is critical as a petroleum transport route.

In response to the current situation, U.S. President Donald Trump warned on social media that he is prepared to strike Iran’s core facilities, raising tensions in the international community. But at the same time, he also left room for a diplomatic solution with Iran, hinting at the possibility of easing tensions. Those remarks immediately affected international oil prices.

On the other hand, the finance ministers of the Group of Seven (G7) issued a statement saying they will review all measures to ease the energy-market turmoil caused by this Middle East crisis. White House spokesperson Karoline Leavitt mentioned that as progress is made in U.S.-Iran negotiations, more tankers will pass through the Strait of Hormuz, suggesting that the situation may stabilize to some degree.

These complex factors intertwine, and it is expected that oil-price volatility will continue. Depending on whether the war is extended and on the international community’s mediation efforts, oil prices may see significant changes in the short term. In particular, it is crucial to closely monitor how the ongoing situation in the Middle East will continue to affect the international economy.