Kathmandu. The ongoing conflict between Iran and the US-Israel is now affecting the whole world. Transportation via the Strait of Hormuz has almost stopped.
20% of the world’s oil passes through this route. This has created a serious crisis for oil and gas supplies. Crude oil prices have risen nearly 20 percent since Saturday. Gas prices are also rising sharply.
Iraq has reduced its daily oil production by 15 million barrels. Qatar has halted LNG production. One of Saudi Arabia’s major refineries has also halted production. Iran has attacked the refinery twice.
The price of crude oil has increased by more than 3 percent in the international market today. It has crossed $84 a barrel. According to experts, if the war in Iran does not end soon, the price of crude oil could exceed $ 150 per barrel. This can cause great damage to countries like India, China and Japan. It imports most of its oil from abroad. Rising oil prices could seriously disrupt the economies of these countries and threaten to lead to uncontrolled inflation.
Japan’s oil refineries have asked the government to remove oil from its national stockpile. The crisis in the Middle East has tightened oil supplies.
At the same time, the Chinese government has ordered its major refiners to stop exporting petrol and diesel. China accounts for 90% of Iran’s oil exports.
At the same time, South Korea has said that 7 of its ships have failed to pass through the Strait of Hormuz. About 80 percent of the oil that passes through this waterway is destined for Asian countries. Many countries, including Saudi Arabia, Iraq, the UAE and Iran, use this route. However, Iran’s Revolutionary Guards said the waterway was closed to ships from the United States, Israel and Europe. –Agency
