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Oil Prices Rise on Fears of Middle East Conflict Escalation
- On June 23, global oil prices rose sharply following U.S. attacks on Iranian nuclear sites and rising tensions in the Middle East near the Strait of Hormuz.
- This escalation stemmed from Iran's threats to close the Strait of Hormuz, a chokepoint carrying about 20 million barrels of oil daily, raising fears of major supply disruptions worldwide.
- In response, oil benchmarks WTI and Brent climbed over 1%, with Brent briefly surpassing $80 per barrel, while major oil stocks rose roughly 1%, reflecting investor concerns about supply shocks.
- Sri Lanka's Professor Priyanga Dunusinghe warned the crisis could increase inflation and add about USD 500 million in import costs, urging prompt government action to mitigate economic impacts.
- These developments suggest persistent market volatility, with global economies potentially facing inflationary pressure and energy sectors adapting to refinery closures and supply uncertainties into late 2025.
25 Articles
25 Articles
The new government does not want to risk inflation of more than ten percent. The conflict in the Middle East accelerates the energy reform: Chancellor Christian Stocker and Vice-Chancellor Andreas Babler introduce an energy price regime. "Price intervention is to be possible, according to Chancellor Christian Stocker. War, ceasefire and the threat of closing the important street of Hormus. Around the war in Iran at least one thing seems to be ce…
Time for a fuel surcharge?
A fuel surcharge is critical to certain trucking operations, particularly when the fuel market becomes unpredictable. Reuters reported on Monday, June 23, that oil prices briefly hit a five-month high following the latest U.S. military operations in the Middle East. The U.S. Department of Homeland Security issued an advisory due to the ongoing conflict with Iran causing a “heightened threat environment in the United States.” Outside of the confl…
Prime Minister Ishiba Shigeru held a press conference at the Prime Minister's Office on the 23rd, following the closing of the regular Diet session. He expressed his intention to focus on controlling energy prices, which are expected to rise due to the tense situation in the Middle East. "We will prepare to respond appropriately while considering all possible scenarios," he said. (See page 1) The military conflict between Israel and Iran has rai…
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