Tehran: Global oil prices are moving closer to $100 per barrel as problems in the Strait of Hormuz continue to affect supply. Even after a temporary ceasefire between the United States and Iran, shipping through the strait has not returned to normal
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Tehran: Global oil prices are moving closer to $100 per barrel as problems in the Strait of Hormuz continue to affect supply.
Even after a temporary ceasefire between the United States and Iran, shipping through the strait has not returned to normal. Many oil tankers are still waiting, as companies remain cautious due to security concerns.
The Strait of Hormuz is a key route for global oil trade, carrying about 20% of the world’s supply. With traffic still low, the flow of oil remains limited, pushing prices higher.
There are also concerns that Iran may introduce toll fees for ships passing through the strait. This has added to uncertainty, as such charges could increase costs for transporting oil.
Experts say things will improve only when the situation becomes more stable and ships can move safely again. Until then, oil prices are expected to stay high due to ongoing risks in the region.
