Punjab Newsline,National :
Supply disruptions at Strait of Hormuz push prices up over 40% in 18 days; inflation fears rise worldwide
The ongoing tensions between the United States, Israel, and Iran are now having a direct impact on the global economy. As the conflict enters its 18th day, international crude oil prices have witnessed a sharp surge. According to the latest figures, oil prices have climbed to $153 per barrel, marking one of the highest levels seen in recent years.
The primary reason behind this spike is the escalating conflict in the Middle East and its impact on global supply chains. In particular, the situation around the Strait of Hormuz—one of the world’s most crucial oil transit routes—has significantly increased uncertainty in the market. Reports indicate that crude oil prices have jumped by more than 40 percent in just 18 days, putting immense pressure on the global energy market.
This surge is especially affecting countries that rely heavily on oil imports. Asian economies, already dealing with existing financial challenges, are feeling the impact more intensely. Rising oil prices are expected to directly influence transportation, electricity generation, and the cost of essential goods, thereby increasing the risk of inflation.
Meanwhile, countries facing energy shortages have begun taking strict measures. Sri Lanka, for instance, has announced that government offices will now operate only four days a week in an effort to conserve fuel and manage the growing energy crisis.
Experts warn that if the conflict continues for a longer period, global markets may face further instability, leading to increased financial pressure on consumers worldwide.