Crude oil prices rise in global markets due to tensions in the Middle East

The ongoing war between Iran and Israel in the Middle East has thrown the global economy into extreme uncertainty. Fuel prices in particular have been affected by fears of supply disruptions. On Friday (March 6), the price of crude oil in the global market exceeded $92 per barrel in just one day. This is an increase of about 30 percent in a week.
Basically, the US-Israeli attack in the Gulf region and Iran’s retaliation have led to instability in the energy and transportation sectors around the world. This conflict has also had a negative impact on the capital market. 20 percent of the world’s total fuel oil travels through the ‘Strait of Hormuz’ in the Persian Gulf, which is practically closed due to the war. As a result of this supply crisis, oil prices have skyrocketed in the global market.
Meanwhile, Asian stock markets have seen their biggest decline in the last six years. In contrast, the oil market has seen a major upswing. US crude oil prices rose 19 percent to $80.
It is worth noting that skyrocketing fuel prices have raised fears of global inflation. As the dollar strengthened, the euro and British pound fell in value. According to analysts, this war is not just a conflict between Iran and Israel, it has thrown the entire global economy into uncertainty. The rise in fuel prices and the fall in stock markets have created major challenges for both ordinary people and businesses.