Oil prices have reached a four-year high, surging past $120 per barrel, amid the ongoing war between the United States, Israel, and Iran.
The last time crude prices saw a major surge was at $130 a barrel on March 9, 2022, due to the escalation of the Russia-Ukraine war.
Recent developments in West Asia have caused major disruptions to oil and gas supply chains, with the blockade of the Strait of Hormuz severely impacting the transit and shipments of crude.
The Strait of Hormuz, located between Iran and Oman, is a vital passage for 20 per cent of the world's oil and gas supply.
While certain countries, such as India and France, were allowed to move their ships, many vessels remain stranded in the key strait.
The US-Iran talks remain stalled, with the peace talks between the US and Iran deadlocked due to the US's insistence that Iran kill its nuclear programme.
Experts believe that the blockade of the Strait of Hormuz and the US-Iran conflict will continue to drive oil prices higher.
