Sharp rise in oil prices worldwide amid Israel-Iran-US war
Oil prices have seen a sharp rise worldwide following the US and Israeli attacks on Iran.
When markets opened in Asia on Monday morning, both Brent crude and Nymex light sweet oil rose by more than 10 percent, although they later eased slightly.
By 5 a.m., Brent crude prices had risen nearly 9 percent to around $79.30 per barrel, while Nymex was up nearly 8.5 percent to around $72.70 per barrel.
It is believed that petrol prices in India may rise, reaching Rs 105 per liter from Rs 95 in Delhi, while diesel prices could rise from Rs 88 to Rs 96. The reason for this is clear: India imports 90 percent of its oil, of which approximately 50 percent comes via the Strait of Hormuz.
Many reports are claiming quoting experts that if Iran blocks the Strait of Hormuz, the supply of crude oil in the international market will decrease and prices may reach $100 to $120 per barrel.
The conflict between Iran and Israel continues. Both countries are attacking each other. Israel and the US were the first to attack Iran on Saturday morning.
Iran's Supreme Leader, Ayatollah Ali Khamenei, has been killed in the US and Israeli attacks. Along with this, Iranian Army Chief of Staff Abdul Rahim Mousavi and Defense Minister Major General Aziz Nasirzadeh have also been killed.