Islamabad (HRNW)- The global oil market is in the grip of a major crisis, with the situation in the Strait of Hormuz posing a serious threat to oil supplies and concerns that crude oil prices could reach $200 per barrel.
According to reports, the biggest oil supply crisis in history has completed a month, resulting in rising global inflation, slowing economic growth and fuel shortages in several Asian countries. Fears of fuel supply disruptions are growing from Thailand to Pakistan.
According to Bloomberg, the world has not yet fully grasped the seriousness of the crisis. US government officials and Wall Street financial analysts are now seriously considering the possibility that oil prices could rise to unprecedented levels if the situation persists.
Experts have warned that if tensions in the Strait of Hormuz escalate further, the crisis could prove to be a serious challenge to the global economy, with impacts on both developed and developing countries.
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