The price of a barrel of crude oil in the world market has crossed the US$120 mark. Sri Lanka Latest News
This marks the highest price recorded since June 2022, according to reports.
Foreign media state that the increase in prices has occurred after US President Donald Trump hinted that the blockade of Iranian ports could last for several months.
In addition, the main reason for the surge is the fear that regional conflicts may further escalate due to the continued closure of the Strait of Hormuz, the world’s main oil transportation route.
This tense situation between world powers and Iran has disrupted global energy supplies.
