April 30, Kathmandu: Tensions following the commencement of attacks on Iran by the United States and Israel have pushed crude oil prices to their highest levels in four years. According to recent data, crude oil prices have risen to $119.76 per barrel, marking the highest point since June 2022. During the Russia-Ukraine conflict in February-March 2022, crude oil prices briefly peaked at around $130 per barrel.
According to The Guardian, the current surge in crude oil prices has also been influenced by recent statements from former US President Donald Trump. Trump has vowed to maintain a military blockade on Iranian ports, making clear that the blockade will remain in place until Iran complies fully with its nuclear agreement. This stance has directly impacted the Strait of Hormuz, a vital maritime corridor for global oil transportation controlled by Iran. The region is frequently a hotspot for clashes between the United States and Iran.
Security concerns have left hundreds of oil tankers and vessels stranded, disrupting worldwide oil and gas shipments and contributing to rising inflation. Although diplomatic talks between representatives of the US and Iran are underway in Pakistan to defuse tensions, no substantial progress has been achieved so far.
