Baghdad: Global oil prices are on the rise as news of the Iranian commander’s death in a US drone strike at Baghdad airport in the capital of Iraq has surfaced. Crude oil prices soared by four percent in one day. Brent crude rose 4% to $ 69 a barrel on Friday. This is likely to affect the world’s prosperity system. Quds chief Qasim Sulaimani was killed in an attack on Iran amid escalating tensions in West Asia.
More than one-fifth of the global oil supply passes through the Strait of Hormuz on the Iranian border. It is also the most important strategic area in the world. The bulk of oil coming into India is through Hormis. India is Iran’s largest oil consumer after China. India’s public sector oil companies bought tons of crude oil from Iran last fiscal. Experts say the Indian market could be impacted if the current conflict does not end.
OPEC (Organization of Petroleum Exporting Countries) contributes forty percent of the world’s oil supply. Iran ranks second among OPEC countries.
