Oil Prices Skyrocket Amid West Asia Conflict, Global Supplies in Jeopardy

The ongoing conflict in West Asia has escalated, affecting global oil supplies as Saudi Arabia, the world's largest oil exporter, is now involved in the war. The Strait of Hormuz was closed on February 28, and a drone attack on September 10 shut down the East-West pipeline, halting Saudi crude exports. Brent crude oil prices surged to $109.4 per barrel but have since dropped to $104.2.

The disruption in supplies could worsen as President Trump signed the Lindsey O Graham Sanctioning Russia and Iran Act, which targets US enemies, including Iran. The act's impact is already being felt, with India warning that it will affect not just bilateral ties but also the international energy market.