Two ships hit by projectiles in Strait of Hormuz
The energy industry is grappling with unprecedented challenges as a result of disturbances in the Strait of Hormuz and Bab Al-Mandab, according to economic analyst Eid Al-Eid. In an interview with Al-Ikhbariya Radio, Al-Eid emphasized the extraordinary circumstances surrounding the current situation, attributing the global energy supply crisis to the recent problems in these critical waterways.
Al-Eid highlighted that the impact of these disruptions has led to a significant decline in energy supplies and a sharp increase in transportation costs. He noted that international energy conferences, such as the ministerial gathering of the International Energy Forum and the World Petroleum Congress, will center on supply issues during this precarious period.
Al-Eid stressed that energy transportation costs have surged dramatically, with the price of oil barrels rising from $3 to $4 to an alarming $35 to $37 per barrel, a sevenfold increase.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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