The price of a barrel of crude oil, the international benchmark, fluctuated at $69.65 on June 12, the day before the Israeli aggression against Iran.
Crude prices continued to rise on Thursday, the seventh day of the conflict, reaching $77.52 and closing at $77.32.
In a post on the X platform, International Energy Agency Director-General Fatih Birol announced that oil supplies to markets are at a good level.
OPEC also stated on the X platform that there is no need to intervene under current supply and market conditions.
Although these statements have somewhat alleviated supply concerns, the supply disruption that would occur if the Strait of Hormuz were to be closed remains the primary concern for markets.
Independent oil market analyst Gaurav Sharma told Anadolu Agency that as the Iran-Israel conflict continues from last week into this week, oil prices are searching for a new equilibrium.
"If this conflict had been going on 10 years ago, we would have seen oil prices reach $100," Sharma added.
He attributed the failure to reach these levels today to the fact that market players realize that there is an abundance of oil coming from non-Middle Eastern sources and non-OPEC members.
In Europe, which imports large quantities of liquefied natural gas from the Middle East, gas prices rose by 15 percent in the space of a week.
Gas prices in Europe closed at €36.2 per megawatt-hour on June 12, the day before the Israeli aggression on Iran, and rose to €41.5 on Thursday, their highest level since March 31.
Since June 13, the Israeli occupation, with US support, has been waging an aggression against Iran, targeting nuclear facilities, missile bases, military leaders, and nuclear scientists. Tehran responded by launching ballistic missiles and drones toward Israeli territory, in the largest direct confrontation between the two sides.
