The attack on Iran sent the price of oil skyrocketing – The phantom border threatens to be crossed

The price of oil reached its highest level in four years at the weekend, he says Bloomberg. The price of Brent crude oil has hurt close to 78 dollars per barrel.

The reason for the price development is the war started by the United States and Israel against Iran. The war has raised fears of closing the Strait of Hormuz, an important international oil shipping route.

So far, oil tankers have stopped traffic in the Strait of Hormuz for safety reasons. Iran is not The Guardian’s by officially closed the strait, as its guardian.

The Organization of the Oil Producing Countries OPEC+ is the news agency Reuters by announced that it will increase oil production slightly in April to ease the situation.

However, experts estimate that the group cannot afford to increase the amount of oil now.

Only Saudi Arabia and the United Arab Emirates would have the ability to produce more oil, but even they will not be able to ship oil to the world until shipping in the Persian Gulf returns to normal.

Experts predict that oil prices will remain high in the near future. If the sea route of the Strait of Hormuz remains closed and the oil does not reach the market, the price of crude oil may even rise above the phantom line of $100, according to expert estimates.

A prolonged crisis would cause serious problems for the global economy. If the oil cannot be transported, oil producers in the Middle East may have to stop production when the stocks are full.

A rise in the price of energy would accelerate inflation, i.e. a general rise in prices around the world, which would make it difficult for central banks to stabilize the economy.