Gas up 8.9 and Diesel up 7.7 at midnight.
Why the rise in prices??
Well it’s happening all across the world and it’s due to the ongoing conflict in the Middle East. Oil tankers have already been targeted and set on fire near the Strait of Hormuz.
Oil tankers are unable to go through the Strait of Hormuz which is a key waterway for global shipping. It connects the Persian Gulf to the Gulf of Oman.
From there, ships can then travel to the rest of the world. Due to this major change in global shipping it’s resulting in ships being forced to hold still, unable to deliver or off load products.
This is creating restraints in the industry and resulting in production delays and losses.
Some oil fields are also being targeted as a result of the rising conflicts, creating a sharp change in the market.
Adrian J.
