ISLAMABAD (Kashmir English): Due to increasing tensions in the Middle East, crude oil prices have once again recorded a significant increase in the global market.
The recent tension between Iran and the United States and the claims made regarding the Strait of Hormuz have created uncertainty in the global energy market.
The price of British standard crude oil Brent crude in the international market increased by 3.75%, after which its price increased to $ 79 per barrel.
Similarly, the price of American standard crude oil West Texas Intermediate also increased by 3.65%, after which it started trading at $ 74 per barrel. A trend of increase in the prices of other types of crude oil is also being seen in the global market.
According to analysts, increasing geopolitical tensions in the Middle East, concerns about oil supply, and investor concerns are the main reasons for the increase in prices.
The global energy market is closely monitoring the situation, as any new developments in the region can have a direct impact on oil supply and prices.
Iran’s announcements and claims regarding the Strait of Hormuz have also increased uncertainty in the global market; however, these claims could not be fully confirmed by independent sources. Nevertheless, investors are cautious in view of the fear of possible supply disruption.
Economic experts say that if tensions in the region persist or oil supplies are affected, further fluctuations in crude oil prices may be seen in the global market, which will have a negative impact on fuel prices and inflation worldwide.
