09.03.2026 09:42
As the war tension in the Middle East leads to a historic rise in oil prices, Brent crude reached up to $119. In an assessment regarding the shock of war in the markets, Treasury and Finance Minister Mehmet Şimşek stated, "As the economic management, we are closely monitoring the developments and taking the necessary measures. It is important for our citizens, investors, and companies to evaluate this process rationally."
International oil markets started the week with a strong rise. Rising tensions in the Middle East and concerns about energy supply led to a sharp jump in oil prices. While oil prices in global markets increased by over 20%, a notable assessment came from U.S. President Donald Trump.
TRUMP: THE RISE IS TEMPORARY
Trump stated in a post on his Truth Social account that the rise in oil prices is temporary. He indicated that the current increase is a short-term development and expressed that it represents a limited cost that can be paid for the security and peace of the U.S. and the world.
HISTORIC RISE IN OIL
The rise in the markets reached remarkable levels. The price of Brent crude oil on ICE increased by 26%, reaching up to $119 per barrel.
ATTENTION-GRABBING MESSAGE FROM MINISTER ŞİMŞEK
Following the developments, Minister of Treasury and Finance Mehmet Şimşek stated in a post on X, "We are going through a period of high global uncertainties and sharp fluctuations in energy prices.
Past experiences show that such shocks are not permanent. Pricing in the futures oil markets also indicates that the current movement may be temporary. Economies with strong fundamentals have the capacity to quickly stabilize and recover.
MADE A CRITICAL CALL
As the economic management, we are closely monitoring the developments and taking necessary measures. It is important for our citizens, investors, and businesses to evaluate this process rationally," he said.