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Global Oil Prices Soar Amid Middle East Conflict Threatening Global Supply

Akila News•
Global Oil Prices Soar Amid Middle East Conflict Threatening Global Supply
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New Delhi: The impact of the fierce military conflict raging in the Middle East is no longer limited to borders, but it is also likely to have a serious impact on your vehicle's tank bill. After the US and Israel's attack on Iran, the price of crude oil in the international market has been added to the'war premium '. By the time the market closes on Friday, Brent crude has risen 2% to $80 a barrel. The biggest threat is looming over the Strait of Hormuz. This is the sea route through which 20 percent of the world's oil supplies pass. If this road is blocked after Donald Trump's warning to target the Iranian navy, there could be a global oil shortage. Since India imports 85 percent of its crude oil needs, even a small increase in international prices could cause a spike in petrol and diesel prices in the country. India has kept millions of tonnes of crude oil in strategic storage in the'Visakhapatnam Plan'and'Panadoor Plan '.

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Publisher: Akila News

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Global Oil Prices Soar Amid Middle East Conflict Threatening Global Supply | Achira News