Islamabad (Commerce Desk) – Global crude oil prices have recorded a significant increase due to rising tensions between the United States and Iran.
According to media reports, oil prices in the global market increased by more than 3 percent, while Brent crude oil rose by $2.67, or 3.51 percent, reaching $78.68 per barrel.
Experts say that the main reason behind the increase in oil prices is the concern that ongoing tensions could affect oil supplies through the Strait of Hormuz.
According to the US Energy Information Administration, around 20 percent of the world’s crude oil supply was transported through the Strait of Hormuz before the conflict. Therefore, global markets are closely monitoring the situation in this important maritime route.
It is worth mentioning that the US military has started further operations against Iran.
The US Central Command (CENTCOM) said in a statement that American forces had launched new attacks against Iran.
According to CENTCOM, the purpose of these operations is to reduce Iran’s ability to attack civilian and commercial vessels passing through the Strait of Hormuz.