Due to increasing tensions in the Middle East and the ongoing war between Israel and the United States with Iran, crude oil prices are rising rapidly in the global market, where prices have exceeded $100 per barrel.
The effects of this extraordinary increase in oil prices are being felt on economies around the world. A bearish trend has been seen in Asian stock markets, while various countries are considering measures to deal with the situation in view of fears of inflation and energy crisis.
According to experts, the ongoing war in the Middle East has raised fears of the closure of the Strait of Hormuz. About 20 percent of the world’s oil is supplied through this important sea route, so if there is an obstacle in this route, oil prices may increase further.
The price of US crude oil has increased by about 20% in the global market, which is the highest level since July 2022. Similarly, the price of Brent oil has increased by 17% to reach $108.73 per barrel, while Brent oil prices have increased by 28% in the past week.
On the other hand, US President Donald Trump, reacting to the rising oil prices, has said on social media that when the Iranian nuclear threat is eliminated, oil prices will also come down at the same rate.
He said that the elimination of the Iranian nuclear threat is a “small price” for the security and peace of the United States and the world.
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