Dangerous increase in prices of petroleum products

LAHORE: The possible blockade of the Strait of Hormuz and the increasing tension between the US and Iran have created turmoil in the global oil markets, as a result of which the prices of crude oil are continuously increasing.

According to economists, if the situation worsens further, the prices of petroleum products around the world may increase further.

According to statistics, the price of Brent crude in the international market has reached $ 102 per barrel after an increase of more than 3 percent, while WTI crude has also become more expensive by 2.87 percent and is being sold at $ 94 per barrel.

Similarly, Abu Dhabi’s Murban crude has reached $ 103 per barrel with an increase of 4.88 percent, which indicates severe volatility in the market.

According to news agencies, this increase in oil prices is a result of the uncertainty in the region, where the closure of a key trade route like the Strait of Hormuz could affect the global supply chain.

Economists say that most countries in the world depend on this route for their energy needs, so the effects of any disruption are immediate and severe.

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Economic analysts have warned that if tensions do not ease, not only oil prices but also other essential commodities may increase, which will further increase global inflation.