NEW YORK (Kashmir English): Oil prices in global markets have jumped to dangerous levels, with Brent crude heading for a record monthly increase.
According to the World News Agency, the price of Brent crude rose by $3.09 to $115.66 per barrel today, while West Texas Intermediate also rose to $102.56 per barrel.
In just one month, Brent recorded an extraordinary increase of 59 percent, which is being described as the largest increase since the Gulf War in 1990.
According to experts, the main reason for this sharp increase is the closure of the Strait of Hormuz, through which about a fifth of the world’s oil and gas passes.
Due to the war, the threat is no longer limited to the Gulf, but important trade routes such as the Red Sea and Bab al-Mandab have also come under threat.
The situation became more serious when Yemen’s Houthi rebels attacked Israel for the first time, which widened the scope of the war to the entire Middle East.
After the attacks, global shipping routes and oil shipments have been severely threatened.
On the other hand, Saudi Arabia has changed the direction of its oil exports and started shipping 4.6 million barrels of oil per day through Yanbu Port, but experts have warned that if this route is also affected, the supply could face a further crisis.
Meanwhile, there are reports that Oman’s Salalah terminal has also been damaged in the attacks, while Iran has made it clear that if the US launches a ground attack, it will respond forcefully.
