The price of a barrel of crude oil crossed $100 in trading on Thursday (12th of March)despite a commitment by more than 30 countries to release 400 million barrels of oil from strategic reserves.
This significant price increase came as military tensions in the Persian Gulf continue, with reciprocal air and missile attacks between Iran and the US-Israeli coalition raising concerns of widespread disruption to oil supplies.
Energy market experts have warned that if the conflicts continue and the threat of closing the Strait of Hormuz continues, oil prices could reach unprecedented levels and face the global economy with an energy crisis.
