Middle East tensions push global oil prices up by 2%

Group 1 - Oil prices increased by 2% on March 26, recovering losses from the previous day, driven by concerns over Middle East conflicts affecting energy supplies [1] - Brent crude futures rose by $2.08, or 2.03%, reaching $104.30 per barrel, while US West Texas Intermediate (WTI) crude futures climbed $1.93, or 2.14%, to $92.25 per barrel [1] - The International Energy Agency (IEA) identified the ongoing Middle East conflict as causing unprecedented disruptions to oil supplies, particularly through the Strait of Hormuz, which facilitates around 20% of global crude oil and liquefied natural gas transport [2] Group 2 - Iran is evaluating a US proposal to resolve the conflict but has not indicated a willingness to negotiate an end to hostilities, according to Iran's foreign minister [3] - The US proposal includes demands such as the elimination of Iran's highly enriched uranium reserves and restrictions on its ballistic missile program [3] - Japanese Prime Minister Sanae Takaichi has requested coordinated releases from oil stockpiles during discussions with IEA head Fatih Birol to address supply disruptions [4] Group 3 - Ukrainian drone strikes and other conflicts have halted around 40% of Russia's export capacity, adding strain to global oil supply concerns [5] - Iraqi oil production is also under pressure as storage tanks approach maximum capacity [5]