The US-Iran war is ongoing and the tension in the Middle East has reached its peak. Its direct impact is being seen on international crude oil prices. Its prices are constantly increasing. Due to which once again the risk of inflation and recession is looming over the entire world. Crude oil prices crossed the $90 mark on Monday.
$20 price increase after July 1Brent crude prices rose 3 percent to $90.79 a barrel in the international market on Monday. After the peace deal between the US and Iran in June, crude oil prices fell sharply and touched around 70 dollars. While it has been increased by 20 dollars since July 1. On July 1, the price of Brent crude oil was 71 dollars.
Again the war- the Hormuz blockade and the American siege will further increase the pricesCrude oil prices touched $120 per barrel in March-April. But the US-Iran war was at its peak then. Now, when the war between the two countries has increased again, Iran has also increased its attacks on the Middle East countries. In addition, 20 percent of the world’s crude oil shipments have stopped due to the closure of the Strait of Hormuz. On the other hand, the United States is again besieging Hormuz, and the situation of crude oil and gas crisis has increased in the world. In the previous 40-day war between the two countries, there was a shortage of oil and gas in India including Pakistan, Bangladesh, Britain, South Korea.
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