Kathmandu. The global energy crisis is escalating. Because the Hormuz waterway has already been affected. <\/p>\n
Now, after several drone strikes from Iraqi territory, Saudi Arabia has temporarily shut down its crude oil pipeline. In addition, the Houthi rebels are on the verge of seizing control of the Bab al-Mandeb waterway after a fierce 18-hour offensive on Yemen’s Red Sea coast. <\/p>\n
These three routes are considered important for global oil supply. Hormuz supplied 20 percent of the world’s oil. Whereas, Saudi Arabia’s pipeline supplied 40 to 5 million barrels of oil daily. Bab al-Mandeb also supplies about 5 percent to 12 percent of the world’s total marine oil and gas trade, or 4 to 5 million barrels of oil daily. <\/p>\n
This means that about 30 percent of the supply through these three routes will be affected. This is because Iran can control oil supplies through the Strait of Hormuz and Bab al-Mandeb and block oil and gas from the Middle East. <\/p>\n
If these three routes are completely closed, then about 30 percent of the world’s oil supply will be completely disrupted. It can also be understood as having a significant impact on energy supply in countries like Europe, India, and China. If this shutdown continues for a long time, the whole world can face a big crisis. <\/p>\n
For example, the prices of petrol, diesel, and LPG will increase sharply. Due to supply chain disruptions, goods from international markets will become significantly more expensive. As raw materials become more expensive, the price of products will increase. As a result, purchasing power will decrease and inflation will affect the economy. <\/p>\n
The stock market will also remain untouched by this. Rising geopolitical tensions will increase prices. There may also be a sharp decline in the earnings of companies. This may affect their shares. \u2013 Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. The global energy crisis is escalating. Because the Hormuz waterway has already been affected. Now, after several drone strikes from Iraqi territory, Saudi Arabia has temporarily shut down its crude oil pipeline. In addition, the Houthi rebels are on the verge of seizing control of the Bab al-Mandeb waterway after a fierce 18-hour offensive […]<\/p>\n","protected":false},"author":16,"featured_media":309512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-315415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/315415","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=315415"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/315415\/revisions"}],"predecessor-version":[{"id":315416,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/315415\/revisions\/315416"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/309512"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=315415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=315415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=315415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}