Crude oil prices in the international market have seen a significant spike as the conflict between Iran and Israel intensifies. The possibility of the United States getting involved in the situation has further heightened tensions in the Middle East, leading to fears of disruptions in oil supply.
As of Thursday, the price of Murban crude oil reached USD 76.70 per barrel, while Brent crude stood at USD 76.18 per barrel. Just a week ago, crude oil prices were around USD 70 per barrel. Within seven days, prices have surged by USD 7.
Iran is one of the world’s major oil producers. The ongoing conflict has raised concerns among global traders about potential supply interruptions, which is driving up the price of crude oil.
The rise in oil prices is expected to increase transportation and production costs globally. This will likely have a ripple effect on the prices of consumer goods as well. In response to the international price trend, Nepal Oil Corporation has already adjusted domestic petroleum prices.
This article was originally published on bajarkochirfar.com. Translated with the help of AI and reviewed by our editorial team.
