Tehran: The conflict in West Asia has entered its 19th day and shows no sign of easing.
The price of crude oil in the international market rose to $103 per barrel on Wednesday after Iranian Parliament Speaker Mohammad Baqer Qalibaf said that the situation in the Strait of Hormuz will not return to normal.
Qalibaf’s statement has increased uncertainty over the safety of oil ships through the Strait of Hormuz. Qalibaf said on social media that the situation in the Strait of Hormuz will not return to its pre-war state.
Qalibaf’s statement has raised further concerns about the stability of energy supplies amid rising tensions in the region due to joint air strikes by the US and Israel against Iran.
Crude oil prices reached $103.45 per barrel in early trade on Wednesday, reflecting continued pressure on global markets. Oil prices have surged more than 40 percent in just 18 days due to the ongoing conflict, which has disrupted fuel supplies through the Strait of Hormuz. It has had a significant impact on global energy markets, especially in Asia.
Crude oil prices in international markets were at USD 73 per barrel on February 27, before the outbreak of the war. It has now risen to $103 per barrel.