U.S. tensions push up crude oil prices, worries of instability in global energy markets

Kathmandu. Due to the increasing tension between Iran and the United States, the price of crude oil has increased sharply in the international market. U.S. oil markets reacted sharply after U.S. President Donald Trump called for an “unconditional surrender” from Iran.

In the international market, the price of crude oil rose by about 12.2 percent to $ 90.90 per barrel as of this morning. In the international market, this is considered to be the biggest weekly increase since April 2020.

According to experts, rising tensions in Iran and the wider Middle East region have raised concerns about the impact on global oil supplies. It warned that prices could fluctuate further in the coming days due to the risk of disruption of energy supply.

The conflict between the US and Iran is severely affecting energy markets. He said the war has increased the risk of disruption of oil supplies, especially through the Strait of Hormuz.

“Because about 20% of the world’s oil supply comes through this strait, any volatility from there would have a big impact on the global energy market,” he said. ”

Jim Burkhardt, head of research at energy research firm S&P Global SF Crude Oil, said the war with the United States and Israel could lead to the biggest oil supply disruption in history. “There could be a serious crisis in the global market, especially if oil shipments through the Strait of Hormuz are reduced or stopped completely,” he said.

Iran did not initially target its energy infrastructure, but attacks on energy facilities in Saudi Arabia and Qatar in recent days have dealt a further blow to oil and gas markets.

According to data from S&P Global’s Energy Commodities at Sea, only five oil tankers passed through the Strait of Hormuz on March 1, compared to about 60 tankers a day.

Experts say that if this situation is extended, there is a possibility of increasing the price of petroleum products and increasing economic pressure not only in the global energy market but also in countries dependent on oil imports such as India and Nepal.