The situation will worsen if the war continues much longer, since oil exporting countries can currently use their reserves to continue supplying the global market. (Except for USA who benefits from the Venezuila oil) That's why we still witness a small increase in oil price which expected to reach recorded levels after just two to three weeks of continious war. I don't think that the price increase is just small. It's all over the news that a barrel can be $100 from the current price that it is right now of $84 for a Brent oil. That almost 20% of increase isn't that small and that impact is going to be big for everything globally due to the usage of oil from logistics, etc. But aside from that, you're right that the situation can be worsen if this war becomes longer and since Iran doesn't want to have ceasefire and talks. It's like them talking that USA and Israel started this, and they're the ones that going to end it without looking back. Economically, a rise of 13% in just 4 days in not an insignificant percentage, but the fear is from expectations to reach 200$ per barrel within few days if Iran officially closes the Strait of Hormuz. Despite OPEC attempts to rise production to calm the markets, the panic from the war to spread the whole region kept the expectations opened for worst scenarios. This threats to be another global inflation wave that press big economies especially in Europe. We can infinitely argue who has started this because from what we can see in the actual scene, Iran is playing its last card within a a war that drains its strength (without a possible end scenario in sight) and the USA will have less damage compared to the rest of the world (except for American continent relying on Venezuila).
The situation will worsen if the war continues much longer, since oil exporting countries can currently use their reserves to continue supplying the global market. (Except for USA who benefits from the Venezuila oil) That's why we still witness a small increase in oil price which expected to reach recorded levels after just two to three weeks of continious war. I don't think that the price increase is just small. It's all over the news that a barrel can be $100 from the current price that it is right now of $84 for a Brent oil. That almost 20% of increase isn't that small and that impact is going to be big for everything globally due to the usage of oil from logistics, etc. But aside from that, you're right that the situation can be worsen if this war becomes longer and since Iran doesn't want to have ceasefire and talks. It's like them talking that USA and Israel started this, and they're the ones that going to end it without looking back. Economically, a rise of 13% in just 4 days in not an insignificant percentage, but the fear is from expectations to reach 200$ per barrel within few days if Iran officially closes the Strait of Hormuz. Despite OPEC attempts to rise production to calm the markets, the panic from the war to spread the whole region kept the expectations opened for worst scenarios. This threats to be another global inflation wave that press big economies especially in Europe. We can infinitely argue who has started this because from what we can see in the actual scene, Iran is playing its last card within a a war that drains its strength (without a possible end scenario in sight) and the USA will have less damage compared to the rest of the world (except for American continent relying on Venezuila).

The situation will worsen if the war continues much longer, since oil exporting countries can currently use their reserves to continue supplying the global market. (Except for USA who benefits from the Venezuila oil) That's why we still witness a small increase in oil price which expected to reach recorded levels after just two to three weeks of continious war. I don't think that the price increase is just small. It's all over the news that a barrel can be $100 from the current price that it is right now of $84 for a Brent oil. That almost 20% of increase isn't that small and that impact is going to be big for everything globally due to the usage of oil from logistics, etc. But aside from that, you're right that the situation can be worsen if this war becomes longer and since Iran doesn't want to have ceasefire and talks. It's like them talking that USA and Israel started this, and they're the ones that going to end it without looking back. Economically, a rise of 13% in just 4 days in not an insignificant percentage, but the fear is from expectations to reach 200$ per barrel within few days if Iran officially closes the Strait of Hormuz. Despite OPEC attempts to rise production to calm the markets, the panic from the war to spread the whole region kept the expectations opened for worst scenarios. This threats to be another global inflation wave that press big economies especially in Europe. We can infinitely argue who has started this because from what we can see in the actual scene, Iran is playing its last card within a a war that drains its strength (without a possible end scenario in sight) and the USA will have less damage compared to the rest of the world (except for American continent relying on Venezuila).

The situation will worsen if the war continues much longer, since oil exporting countries can currently use their reserves to continue supplying the global market. (Except for USA who benefits from the Venezuila oil) That's why we still witness a small increase in oil price which expected to reach recorded levels after just two to three weeks of continious war. I don't think that the price increase is just small. It's all over the news that a barrel can be $100 from the current price that it is right now of $84 for a Brent oil. That almost 20% of increase isn't that small and that impact is going to be big for everything globally due to the usage of oil from logistics, etc. But aside from that, you're right that the situation can be worsen if this war becomes longer and since Iran doesn't want to have ceasefire and talks. It's like them talking that USA and Israel started this, and they're the ones that going to end it without looking back. Economically, a rise of 13% in just 4 days in not an insignificant percentage, but the fear is from expectations to reach 200$ per barrel within few days if Iran officially closes the Strait of Hormuz. Despite OPEC attempts to rise production to calm the markets, the panic from the war to spread the whole region kept the expectations opened for worst scenarios. This threats to be another global inflation wave that press big economies especially in Europe. We can infinitely argue who has started this because from what we can see in the actual scene, Iran is playing its last card within a a war that drains its strength (without a possible end scenario in sight) and the USA will have less damage compared to the rest of the world (except for American continent relying on Venezuila).