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The price of crude oil has seen a sharp increase this afternoon, crossing the $100 per barrel mark and reaching around $101, with a daily increase of around 10%.
This increase comes as a result of escalating tensions in the conflict with Iran, where the blockade of the Strait of Hormuz is hindering the transit of global oil.
Iran's new Supreme Leader, Mojtaba Khamenei, in his first public message since his appointment, stressed that the "leverage of blocking the Strait of Hormuz" should continue to be used as a means of pressure on enemies.
On the other hand, US Energy Secretary Chris Wright, in an interview with CNN on Thursday, was asked if the price could reach $200, he stated that it is unlikely to happen.
" I would say it's unlikely, but we are focused on the military operation and solving a problem ," he said.
The latest developments have unsettled global markets, with fears that the continued blockade of the strait, through which about 20% of the world's oil passes, could lead to major supply shortages and further fuel price hikes. Experts warn that the situation could worsen if the military conflicts are not de-escalated quickly.
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