Kathmandu. US President Donald Trump on Wednesday morning threatened to target Iran’s civilian infrastructure if Iran does not open the Strait of Hormuz. Since then, the price of crude oil has jumped again. <\/p>\n
About 20 percent of the world’s oil is transported through the Strait of Hormuz. Since the Iran war, there has been a significant drop in supplies from the Middle East. Because the supply from Hormuz has been blocked. This has caused widespread panic around the world. <\/p>\n
Brent crude futures were trading 1.3% higher at $110.3 a barrel. WTI crude oil is also trading at $ 111.6 per barrel. In early trading, Brent reached about $111 and WTI reached $115. Brent rose 8 percent and WTI rose 11 percent in the previous session. This is the biggest single-day jump in crude oil since 2020. <\/p>\n
Iraq, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates export oil and petroleum products through Hormuz. However, the shipment has been halted due to the Iranian attack. This has tightened global crude oil supplies and shows no sign of an end to the war. This may lead to a further increase in the price of crude oil in the coming days. <\/p>\n
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) Plus has agreed to increase crude oil production by 206,000 barrels per day for the month of May. The problem, however, is that many of its members have been unable to ramp up production due to the war. OPEC plus countries have agreed to increase production, but they say repairing energy facilities damaged by the Iran war will be too expensive and too long. <\/p>\n
OPEC-plus countries have said attacks on energy infrastructure could drive up oil prices and disrupt global supplies in the future. Ukraine’s drone attack on a Baltic Sea export terminal also disrupted oil supplies from Russia. Loading from this terminal has resumed from Saturday. \u2013Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. US President Donald Trump on Wednesday morning threatened to target Iran’s civilian infrastructure if Iran does not open the Strait of Hormuz. Since then, the price of crude oil has jumped again. About 20 percent of the world’s oil is transported through the Strait of Hormuz. Since the Iran war, there has been a […]<\/p>\n","protected":false},"author":16,"featured_media":217841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-293872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/293872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=293872"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/293872\/revisions"}],"predecessor-version":[{"id":293873,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/293872\/revisions\/293873"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/217841"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=293872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=293872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=293872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}