NEW DELHI : Global oil prices surged on March 17 as concerns over potential supply disruptions rattled energy markets. Brent crude rose $2.48 to $102.69 per barrel, while WTI crude gained $2.42 to $95.92 per barrel. Analysts said volatility in supply routes and rising demand were driving market fluctuations.
Experts warned that continued instability could push up fuel prices worldwide and influence inflation trends in several countries. The price increase is closely linked to disruptions in one of the world’s most critical oil transportation corridors.
Market observers say the Strait of Hormuz, a key shipping route that accounts for nearly 20 percent of global trade in oil and liquefied natural gas, has been severely affected, raising concerns about supply shortages. Many countries rely on oil transported by this route, so even a partial disruption in the region could have a major impact on global energy markets.
Energy experts added that the uncertainty is increasing pressure on oil-importing countries, especially in Asia, where demand remains strong. Governments and businesses are closely monitoring the situation, with some considering alternative supply routes or increasing stockpiles to cover potential shortages.
Analysts believe oil prices could remain volatile for weeks if the disruption continues. This could lead to higher transportation and production costs globally, impacting consumer prices and slowing economic growth in countries heavily dependent on energy imports.
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