Brent crude prices rose 3.26 percent to $83.99 per barrel in early trade. It is currently trading at $84.
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Oil prices rose more than 3 percent in early trading on Thursday amid the escalating US-Israeli war with Iran.
Fears of a prolonged disruption to oil and gas supplies have fueled the price hike. Brent crude rose 3.26 percent to $83.99 a barrel. It is currently trading at $84.
Crude oil markets are worried as supply risks continue to mount following attacks in West Asia. The Strait of Hormuz, a waterway that is largely closed due to the Iran-Israel war, have prompted countries to look for alternative sources of crude.
The Strait of Hormuz is a waterway between Iran and Oman that connects the Gulf to the Arabian Sea. Tankers carrying 20 percent of the world's total oil consumption also use this route, along with cargo from producers such as Saudi Arabia, Iraq, Iran, the UAE, Kuwait, and Qatar.
India's Economic Times reports that 2.5 to 2.7 million barrels of crude oil imports pass through the Strait of Hormuz every day. Oil imported mainly from Iraq, Saudi Arabia, the UAE, and Kuwait also passes through the Strait of Hormuz. Nepal is completely dependent on India for fuel .
