KABUL: According to international media reports, global oil prices have passed $114 per barrel at the Chicago Mercantile Exchange in the United States while two days ago (Friday) it was $96, as the war involving the United States and Israel continues.
The Associated Press reported Monday,
According to The Associated Press on Monday, reports and findings from the research firm Rystad Energy, the price increase follows the disruption of 15 million barrels of crude oil from Middle Eastern countries that normally pass through the Strait of Hormuz.
The strait, which carries about 20 percent of the world’s oil supply, has reportedly been closed due to escalating conflict in Iran.
Oil shipments from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates, and Iran normally transit through the Strait to reach global markets.
According to the report, oil prices have increased by 38 percent since last week, when U.S.–Israeli attacks on Iran began.
Reacting to the spike, Donald Trump, President of the United States, said the increase in oil prices is “temporary” and preferable to what he described as Iran posing a threat to the United States and the world.
Oil prices surge past $114 per barrel amid Iran wa
