Reported about 19 hours ago
Oil prices have increased by over 4% due to the ongoing conflict between Israel and Iran, which has raised concerns about potential disruptions in oil production and shipping. Analysts warn that if Iranian exports are significantly impacted, global oil prices could rise significantly, with projections suggesting Brent crude could reach up to $80 or even $120 per barrel under severe conditions. The Strait of Hormuz, a critical shipping route for a third of the world’s oil, stands at risk of disruption, further escalating the situation.
Source: YAHOO