Crude prices are soaring high as the world faces its biggest energy crisis in decades
Iran’s warning came as the conflict deepened over the weekend, with the Iranian-backed “Houthis” launching missiles at Israel for the first time in the war, and Israel expanding its invasion of southern Lebanon. Oil prices have surged to their highest level in nearly two weeks amid escalation on multiple fronts of the US-Israel war on Iran. It was March 19, when the oil crossed $119 a barrel, the latest climb took the international yardstick to its highest point.
The surge came after Iran said it was prepared for a US ground invasion, with the speaker of the country’s parliament warning that Tehran was waiting for the arrival of US troops to “set them on fire” and “punish” their regional allies. Iran’s effective closure of the Strait of Hormuz in retaliation for the US-Israeli attacks has upset about one-fifth of global oil and liquified natural gas (LNG) supplies, plunging the world into its biggest energy crisis in decades. Oil prices have risen nearly 60 percent since the start of the war, driving up fuel prices worldwide and forcing numerous countries to adopt emergency measures to conserve energy.
