One month of Strait of Hormuz closure drives oil prices soaring
Updated on:
After one month of closure, the Strait of Hormuz has caused a sharp rise in oil prices, with global supply shortages impacting Asia and now threatening Europe.
LAHORE (Dunya News) – The closure of the Strait of Hormuz has now completed one month, triggering a sharp surge in global oil prices.
According to reports, Brent crude has risen to $114 per barrel, while US crude stands at $101 per barrel. Bloomberg experts have warned that prices could reach up to $150 per barrel if the crisis persists.
The increase in oil prices is affecting economic growth worldwide. Several Asian countries, including Thailand, are already facing severe shortages of petroleum products.
US publications have also highlighted that after impacting Asia, the oil crisis is now threatening Western nations. Europe is expected to face a significant shortage of diesel along with steep price hikes in the coming weeks.