Owing to uncertainty in the Middle East, crude oil prices rose by 7% in the global market at the beginning of the week.
Crude oil prices have increased in the global market due to the US attack on an Iranian ship and fears of a retaliatory attack by Iran. Brent crude oil is being sold at $96 and WTI at $90 per barrel in the global market.
The price of British crude oil has also increased by 5%, with an increase of $5.13, taking the price of British crude oil to $95.51 per barrel. Both countries have accused each other of targeting ships and failing to abide by agreements, which has raised concerns about supply in the global market.
Analysts believe that until the situation in the Strait of Hormuz and the US-Iran conflict are resolved, oil prices in the global market are likely to remain volatile and under pressure.
This situation poses a major challenge to the global economy and energy supply, as the Strait of Hormuz is a very important route for oil supply around the world.
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