Crude Oil Price Surge: AnCrude oil prices have suddenly gained momentum in the international market. Brent Crude has crossed $105 per barrel. To put it in desi style, “Oil has caught fire, and it is going to affect every pocket”.
Trump’s threat created a stir
There was panic in the market after Donald Trump’s strict statement. He warned of sending Iran into the “Stone Age,” causing a surge in the oil market. While earlier the price was around $100, within a few hours it crossed $105.
Hormuz Strait becomes center of tension
About 20% of the world’s oil passes through the Strait of Hormuz. But due to the current tension the supply here has been affected. The news of missile attack on an oil tanker in Qatar made the situation worse. In desi – “If the road is closed then oil becomes expensive for sure”.
Will petrol and diesel become expensive?
If crude oil becomes expensive, then the prices of petrol and diesel are sure to increase in an importing country like India. There are already signs of increase in prices in many places. That means “a direct attack on the common man’s pocket”.
Read Also: Amla Block Congress Committee submitted a memorandum to the Governor to the Tehsildar regarding rising gas cylinder prices and increase in electricity rates.
Could a global recession come?
Experts believe that if this tension continues, the world economy including Europe will be adversely affected. The International Energy Agency has also warned that its effect will start becoming visible from April. In local language – “If oil becomes expensive, the economy of the whole world can shake”.
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