Crude Oil Global Price: The ongoing Middle East war, involving the United States, Israel and Iran, has unfolded one of the burning issues: OIL. The conflict has disrupted the energy supply route through the Strait of Hormuz, paralysing the global oil markets, particularly in Asia. For the uninitiated, the Strait of Hormuz is the narrow waterway between Iran and Oman that connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.
40% spike in oil prices in just two weeks
Crude oil prices in the international market have surged by more than 40 per cent in just 15 days amid the ongoing war, ANI reported.
Before the beginning of the war, crude oil prices in international markets on February 27 were trading at around USD 73 per barrel. However, by Saturday, prices had surged sharply to around USD 103 per barrel, the report said.
The rise from USD 73 to USD 103 per barrel represents an absolute increase of USD 30 and a percentage increase of approximately 41.1 per cent in a short span of time, the ANI report added.
Jump in prices reflects concerns around global energy supply disruptions
The sharp jump in prices reflects growing concerns about global energy supply disruptions as the conflict escalates in the Middle East, with the Strait of Hormuz playing a crucial role in global oil transportation, the ANI report said.
Market experts say that developments related to the conflict will continue to influence global markets in the coming days, the report added.
Rupee touches record low as West Asia crisis jumps oil risk
The rupee fell to a fresh low Friday amid concerns over rising crude oil price that stayed above $100 a barrel, its impact on inflation and capital flows.
The local currency closed at 92.46 against the dollar after hitting 92.49 intraday-both all-time lows -mirroring the trend across Asian currency markets. The previous record low was 92.36 hit on Thursday.
India to secure safe passage for its merchant vessels via Strait of Hormuz
India is in touch with Iran to secure safe passage to around 28 Indian-flagged merchant vessels through the strategic shipping route of Strait of Hormuz that has been partially blocked by Tehran following its escalating conflict with the US and Israel, people familiar with the matter told PTI on Thursday.
The issues relating to safety of shipping and India’s energy security had figured during External Affairs Minister S Jaishankar’s conversation with his Iranian counterpart on Tuesday, according to the Ministry of External Affairs (MEA).
