Oil Crisis Deepens Amid Middle East Conflict

Oil prices soared to near $120 per barrel as tensions in the Middle East escalated, impacting global financial markets. Iran's appointment of Ayatollah Mojtaba Khamenei as supreme leader and subsequent attacks on oil infrastructure have hindered oil supply, causing price volatility and economic concerns worldwide.

The global oil market faced a turbulent Monday as prices neared $120 per barrel, driven by escalating tensions in the Middle East. Iran's ongoing conflict has disrupted production and shipping, causing a spike in oil prices and impacting financial markets worldwide.

Brent crude and West Texas Intermediate reached highs above $119 per barrel before easing slightly. French President Emmanuel Macron suggested tapping into strategic reserves, a move the Group of Seven decided against, for now, citing readiness to take coordinated steps if necessary.

Iran's naming of Ayatollah Mojtaba Khamenei as its new supreme leader signaled continued defiance as Israeli and US strikes persisted. Attacks on key infrastructure like Bahrain's desalination plant and refinery have heightened supply concerns, pushing energy prices higher and straining economies dependent on Middle Eastern oil.

(With inputs from agencies.)