Oil Prices Rise Amidst Strait of Hormuz Tensions and Asian Market Fluctuations

Kathmandu. Concerns about oil supply from West Asia have increased as Iran has increased attacks on oil tankers in the important Strait of Hormuz, leading to a rise in crude oil prices on Wednesday, while Asian stock markets have declined.

According to the UK's Maritime Trade Operations, there have been 9 attacks in the Strait of Hormuz and Persian Gulf region this month. Earlier, news that oil exports from the Middle East had returned to pre-war levels caused the price of Brent crude oil to fall below $100 per barrel and US West Texas Intermediate (WTI) to fall below $90.