Energy Ministry monitoring conflict in the Middle East

Jamaica’s Energy Ministry says it is monitoring the conflict in the Middle East, as there could be impacts for the local sector.

International media say the escalating war has caused a global increase in oil prices.

The development comes amidst fresh military strikes in the Middle East, following initial attacks on Iran by the United States and Israel, on Saturday.

Iran’s supreme leader was reportedly killed in the strikes.

The ongoing conflict has spread to other areas, with bombings reported in neighbouring countries such as Qatar, Bahrain, and Kuwait.

The BBC reports that oil and gas prices have surged as the attacks continue.

Natural Gas prices spiked on monday after Qatarenergy, one of the world’s biggest exporters, halted production following “military attacks” on its facilities.

The BBC says oil prices also jumped, with the global benchmark Brent Crude briefly hitting US$82 a barrel, after at least three ships were attacked near the strait of Hormuz–a major shipping route that passes through the territorial waters of Iran– at the weekend.

Iran warned vessels not to pass through the crucial waterway in the south of the country, through which about 20% of the world’s oil and gas is shipped.

Speaking with Irie FM News today, Energy Minister Daryl Vaz said while it is still early days, impacts for Jamaica are very possible due to uncertainty as it relates to the outcome of the war.

He said the situation is being monitored.