The world is going through a period of heightened uncertainty and sharp swings in energy prices, but past experience suggests such shocks are unlikely to be permanent, Treasury and Finance Minister Mehmet Şimşek said on Monday.
Şimşek's remarks came as oil prices skyrocketed to levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war with Iran.
Crude oil futures soared almost 30% on Monday to nearly $120 a barrel, one of its biggest one-day jumps on record, threatening to raise costs of products from gasoline to jet fuel.
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