Oil Prices In The Global Market Are Dangerously High, There Is A Fear Of A Severe Energy Crisis.

Due to which, fears of an energy crisis have increased worldwide. According to experts, the ongoing tension and spread of war in the Middle East have put the global market under severe pressure. According to international news agencies, the price of Brent crude * increased by $ 3.09, after which it reached $ 115.66 per barrel, while West Texas Intermediate (WTI) also increased to $ 102.56 per barrel. According to statistics, in just one month, the price of Brent crude has recorded an extraordinary increase of 59 percent, which is being described as the largest increase since the Gulf War in 1990. Experts say that the main reason for this surge in prices is the closure of the Strait of Hormuz, through which about 20 percent of the world’s oil and gas is transported. The closure of this key passage has severely affected the global supply chain. The situation has become more complicated as the war has spread from the Gulf to key trade routes such as the Red Sea and Bab al-Mandab, threatening global shipping and energy supplies.
On the other hand, tensions have increased further after attacks on Israel by Yemen’s Houthi rebels, as a result of which the entire Middle East seems to be engulfed in a major conflict. On the other hand, Saudi Arabia has changed the direction of its oil exports to deal with the situation and has started shipping 4.6 million barrels of oil per day through Yanbu Port. However, experts have warned that if this alternative route is also affected, global supplies could face a further crisis.
In addition, there are reports of damage to Oman’s Salalah terminal in the attacks, while Iran has made it clear that if the US takes ground action, it will be responded to with full force. Activities have also intensified at the diplomatic level. A meeting of foreign ministers of key regional countries was held in Pakistan to discuss ways to reduce tensions and possible talks. The meeting was attended by the foreign ministers of Saudi Arabia, Turkey and Egypt and met with Ishaq Dar. According to experts, if the scope of the war widens further, oil prices could touch new historic highs, which would have a severe negative impact on the global economy, inflation and the energy sector.