Turmoil in West Asia sparks hike in fuel prices
Crude oil production
Withthe state of heightened tensionscontinuinginseveral countries in West Asia, there has been an unprecedented hike in fuel prices, muchto the dismay of thegeneral public.
Be it the Iran-backed Houthis in Yemen attacking opponents Saudi Arabiaorthe US hunting for Iranian oil tankersat sea,West Asia is ontheedge.
In Yemen, the Houthis have launched a fresh offensive against the government forces' last stronghold, Marib. The attacks are spilling over to Saudi Arabia, a key backer of the Yemeni government.
Last Week, the Houthi rebels launched a drone strike in the heart of Saudi Arabia's Abha airport. In the four hits, a civilian aircraft burst into flames.
And on Sunday in another attempt, an explosive-laden drone was fired towards the kingdom. This time, it was intercepted and destroyed. Such brazen attacks will surely elicit a response, which only time will tell.
In the Persian Gulf, the standoff between the US and Iran has been growing.The US is in search of Iranian oil tankersheaded for countries like Venezuela. The USbelievesIran is circumventing sanctionsand exporting oil.
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West Asiahas beentensefor some timenow.After Qassem Soleimani's Assassination, the US and Iran were also almost at war.This has impacted the fuel prices too.
The OPEC members and Russia are also holding back on production. It is a time-tested policy to drive up prices.
Prices ofcrude oil, which isa sensitive commodityfrom the most politically volatile region on earth,West Asia,aresky-rocketingandhavereached on a 13-month high on Monday.It has also spooked the investors.
The Brent crude was up almost two per cent. At one point, it was trading at 63.76 dollars per barrel.Last time, the fuelpriceshad witnessed this kind of a hike in January 2020.
Aconflict happening thousands of miles awayhas put an adverse impact on thepersonal expensesof several people. To know more, visit your local gas station.
Inthe US,the Covid Stimulus Bill isontrackfor approval. Itwill help small businesses.Theoil marketswouldlove a good recovery.Especiallywhen,it involves world's biggest consumer.
In India's Bhopal,premium petrolhascrossed the 100-rupee mark.Petrol and diesel are selling at record rates.In New Delhi,Petrol is now worthRs89perlitre,dieselis atRs79.35.
The government isn't planning to cut taxes, which means the only relief will come when global oil prices correct.