Washington, March 4 (SANA) Oil prices continued to rise as the conflict between the United States and Israel on one side and Iran on the other escalated, raising fears of major disruptions to global energy supplies.
Bloomberg reported that oil and gas prices jumped after intensified cross-border attacks and direct strikes on key energy facilities in the region, causing partial production shutdowns and increasing geopolitical risks.
The report said disruptions in the Strait of Hormuz which handles about one-fifth of global oil shipments, have brought tanker traffic close to a halt and heightened fears of a potential oil shock.
Continued price increases could fuel global inflation, while producers such as Canada may benefit from higher revenues.
