Following the rejection of Iran's recent diplomatic offer by former US President Donald Trump, global oil prices experienced a significant increase while the Strait of Hormuz has been closed for over 70 days. Brent crude oil prices briefly surpassed $100 per barrel amid growing concerns regarding interruptions to approximately 20% of the world's oil transport that traverses this vital passage. The market's response was swift, as experts cautioned about impending rises in fuel, transportation, and food prices on a global scale. The intensifying situation has rekindled fears of a wider energy crisis that could affect economies throughout Asia, Europe, and the United States in the near future.
