Oil prices surged to 118 dollars per barrel, reaching the highest level since 2022. Brent crude hit a session high of 119.50 dollars while WTI approached 102 dollars, triggering panic across global financial markets.

The primary driver is the closure of the Strait of Hormuz, through which approximately one fifth of global oil trade passes. Attacks on energy infrastructure have forced Iraq, Kuwait, and the UAE to significantly cut production due to full storage capacity.

Analysts warn that prices could reach 150 dollars per barrel if the Strait of Hormuz remains closed. G7 finance ministers are discussing coordinated releases from strategic petroleum reserves.

US President Trump described the oil price spike as "a small price to pay" and signalled the continuation of military operations, placing long-term geopolitical goals above short-term economic pressures.

Consequences are already visible - Asian stock markets are recording significant declines, and economists worldwide warn of inflationary pressures that could affect all economies.