Global oil prices are rising sharply as the Strait of Hormuz remains almost closed due to the ongoing conflict in the Middle East. This narrow waterway is one of the most important oil routes in the world. About one-fifth of the world’s oil normally passes through this strait. Because shipping has slowed down greatly, markets are worried about global energy supplies.
The price of Brent crude, which is a key global oil benchmark, recently crossed 106 dollars per barrel. Later it eased slightly but still stayed above 104 dollars. The rise in oil prices shows that traders expect the disruption in the region to continue for some time.
The situation became more tense after US President Donald Trump asked other countries to help reopen the Strait of Hormuz. He urged nations to work together and send naval ships to protect commercial vessels passing through the waterway. However, his request has not received strong support from many countries.
Countries such as China, Japan, France, and the United Kingdom have not yet promised to send naval forces to the region. On Monday, Japan and Australia clearly said they currently have no plans to deploy ships to the strait.
The crisis started after Iran stopped shipping in the Strait of Hormuz in response to military strikes by the United States and Israel. Since then, the movement of ships through the strait has dropped sharply.
Normally around 138 ships pass through the waterway every day. But since the conflict began in late February, only about five ships have been able to cross daily. Several commercial vessels have also been attacked in the region during this period.
The disruption has pushed global oil prices up by more than 40 percent since the war began. Higher oil prices could increase fuel costs around the world and may slow down the global economy.
Meanwhile, the United States has said it may send naval ships to escort commercial vessels if the situation does not improve soon. Experts say the coming weeks will be crucial for global energy markets and shipping safety in the region.
