Business
Crude oil prices rise 40% in 15 days… world in panic!
United State and Israel launched airstrikes on Iran on February 28, shipping through the Strait of Hormuz, one of the world’s most important shipping lanes, has been disrupted. With no alternative routes, countries such as Iraq, Qatar, Kuwait, the United Arab Emirates, and Saudi Arabia have been forced to reduce or temporarily halt their oil production, severely disrupting global oil supplies.
In response to this situation, the price of crude oil has risen sharply in the international market. While the price of a barrel of crude oil had risen to $120, it is currently being sold at around $103. The sudden price hike in the global market has increased economic concerns in many countries.
On February 27, the price of a barrel of crude oil was $73. As of March 14, it has risen to about $103. In the last 15 days, the price of crude oil has increased by $30, or about 41 percent. Market experts have warned that if the Strait of Hormuz transportation continues to be blocked, there is a risk that oil prices will increase further in the world market in the coming weeks.
