💨 Abstract

Global oil prices are surging due to escalating conflicts in the Middle East, particularly Israel's bombardments on Iran supported by U.S. airstrikes. Middle East countries supply a third of the world's oil, so instability in the region can significantly impact oil prices. Concerns are mounting over the potential closure of the Strait of Hormuz, a vital oil chokepoint. Experts warn that such a closure could drive oil prices to as high as $120 per barrel.

Courtesy: Gergana Krasteva