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Brent Oil Price Surges Over 42% Since Start of War

Published March 14, 2026, 17:02
Brent Oil Price Surges Over 42% Since Start of War

The price of Brent crude oil has surged over 42% since the start of conflicts in the Middle East and attacks in Iran. Just last week, the price of Brent rose 11%, closing at $103.14 a barrel on Friday. This increase is due to geopolitical tensions and concerns about supply disruptions. The decision by the US Treasury Department to temporarily allow the sale of Russian oil at sea has sparked reactions, with leaders from France, Germany, and the President of the European Council expressing their opposition. Russia argues that the global energy market cannot remain stable without its oil. Responding to rising prices, several countries are taking measures to address the impact. Serbia announced a temporary cut in fuel taxes by 20% until April 15, while Portugal renewed its temporary cut in fuel tax. Fuel shortages caused by the war could reduce Africa's economic growth by up to 3% if they continue. Most African countries have fuel reserves for only 15-25 days, compared to the 90-day standard of the International Energy Agency. African governments are being urged to introduce consumption restrictions and subsidies.