Global Markets in Turmoil as Oil Hits $119 Amid Trump-Iran Escalation
According to ProPakistani, the global energy landscape has officially entered its most volatile state since 2022. Brent crude oil prices skyrocketed to a peak of $119.13 per barrel this week, following a series of high-stakes military escalations between the Trump administration and Iran.
The surge was triggered after Iran launched missile attacks on key energy facilities across Qatar, Saudi Arabia, and Kuwait in retaliation for strikes on its South Pars gas field.
This conflict has effectively throttled the Strait of Hormuz, a vital maritime chokepoint that handles approximately 20% of the world’s daily oil supply. With the waterway currently deemed unsafe for tankers, the “worst energy crisis in history” is no longer a hyperbolic warning but a daily reality.
President Trump has signaled a hardline stance, warning of massive U.S. strikes if regional allies continue to be targeted. For businesses and households, the impact is immediate: spiraling utility bills and a sharp rise in logistics costs.
As the world watches the Middle East, the 2026 economic forecast now hinges on whether diplomacy can reopen the straits before $150 per barrel becomes the new norm.
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