look news india
The direct dispute between America and Iran, which has been choking the global economy for a long time, may seem to be calming down to some extent, but relief for the world is still far away. As soon as one front has been closed in international geopolitics, now a fresh clash has started between four other big countries. This latest conflict has increased all-round tension, whose direct impact is being seen on the global oil market. With the emergence of this new crisis, the prices of crude oil in the international market have once again started skyrocketing, due to which the concerns of policy makers around the world including India have increased.
War breaks out on new fronts and turmoil in the oil market
Experts believed that progress in diplomatic level talks between America and Iran would bring stability in the energy market, but this could not happen. As the tensions between these two superpowers subsided, internal and border disputes reached their peak in the other four strategically important countries. Due to the latest political and military tensions erupting in these countries, there is a danger of the crude oil supply chain being completely disrupted. This turmoil happening near the major oil export routes has scared global investors, due to which there has been a sudden selloff in the commodity market and a huge jump in the prices of crude oil.
Threat of new wave of inflation and impact on global economy
This latest rise in the price of crude oil has once again created a new crisis of inflation before the world. This situation is going to be very challenging for countries which are completely dependent on imports for their energy needs. Due to oil becoming expensive, not only the transportation cost will increase, but the prices of daily consumption items are also likely to increase. At present, this new dispute that has started between these four countries does not seem to be stopping, due to which more fluctuations may be seen in the prices of crude oil in the coming days.
