The impact of the ongoing war between Iran and America-Israel is now clearly visible on the markets around the world. There has been a sudden increase of 5.1 percent in the prices of crude oil. This price has reached $92.23 per barrel in the global market. Due to this conflict, there is a big threat to the oil supply from Gulf countries.
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Why is there such a big jump in crude oil prices?
Ever since this war started on February 28, 2026, oil prices have jumped from $70 to $120 several times. According to the latest information, Iran has closed the ‘Strait of Hormuz’ for merchant ships.
About 20 percent of the world’s oil passes through this sea route. After this tough step by Iran, the US Army has destroyed 16 Iranian minelayers on this route.
Due to the continuous air strikes and new strikes on the oil fields of Saudi Arabia, an atmosphere of fear has been created in the market.
Iran’s Foreign Minister Abbas Aragchi has made it clear that his country is fully prepared to respond to any American attack.
What steps are being taken to control oil prices?
To meet the shortage of oil in the market, OPEC+ group has taken a big decision. This group, which includes countries like Saudi Arabia and Russia, has decided that they will produce 2,06,000 barrels more oil every day from April.
The International Energy Agency (IEA) is also seriously considering withdrawing large amounts of oil from its emergency reserve to stabilize the market.
US President Donald Trump has given a strict warning to Iran on social media. He has also said that to save the common people from expensive oil, he can give relaxation in some restrictions related to oil.
It has also been clarified by the White House that at present the US Navy has not been deployed to protect commercial ships, but all options to keep the market stable are being monitored.