Global oil prices have soared past $120, reaching their highest point since 2022. This surge is driven by fears of prolonged supply disruptions stemming from a US blockade of Iran and its impact on the vital Strait of Hormuz. Adding to market jitters, the UAE’s exit from OPEC introduces further uncertainty regarding global energy supply management. Global oil prices have soared past $120, reaching their highest point since 2022. This surge is driven by fears of prolonged supply disruptions stemming from a US blockade of Iran and its impact on the vital Strait of Hormuz. Adding to market jitters, the UAE’s exit from OPEC introduces further uncertainty regarding global energy supply management.
