DHAKA, Mar 30 (V7N) — International oil prices have surged to near two-week highs as escalating tensions surrounding the US-Israel conflict with Iran continue to rattle global energy markets. The price per barrel has now officially crossed the $115 mark, sparking fears of prolonged economic instability across the globe.

On Monday, March 30, crude oil prices jumped by 2.9 percent, reaching $115.93 per barrel. This sharp spike represents a staggering 62 percent increase compared to prices recorded just one month ago on February 27. The rapid ascent underscores the market's high sensitivity to the widening military footprint in the Middle East.

In the United States, Brent crude followed a similar upward trajectory, rising by 3.01 percent to settle at $102.64. Data from OilPrice.com indicates that the current rate of growth in oil prices has now exceeded the levels seen during Iraq's invasion of Kuwait in 1990, marking one of the most volatile periods for energy commodities in modern history.

Financial analysts are increasingly warning that such a sustained price hike could trigger a global recession. For perspective, before the outbreak of the war involving Iran, oil was trading at a relatively stable $72 per barrel. The nearly $44-per-barrel increase in such a short window is putting immense pressure on transport, manufacturing, and consumer inflation worldwide.

Energy experts suggest that the market has not yet fully accounted for the long-term impact of the crisis. Analysts believe that while the current surge is a reaction to immediate supply fears, the true economic consequences—including potential fuel rationing or severe industrial slowdowns—will become significantly more apparent in the coming months as the conflict evolves.

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