Publication: NewMoney.ro
The escalation of conflict in the Middle East has put oil back at the center of a fragile economic equation, and the effects have been rapidly transmitted into fuel prices. According to Daniel Apostol, director-general of the Energy Employers' Federation, the explanation for the steep rise in gasoline prices lies in the accelerated dynamics of international oil prices.
The oil market has seen a bout of heightened volatility in the past 48 hours, triggered by the escalating conflict with Iran and threats to block traffic through the Strait of Hormuz - a key logistical hub for the global oil trade.
"The market has gone through a dramatic development in the last few days, even in the last 48 hours. We had a panic peak on the crude oil market, where the price of European oil, Brent, broke through the 85 dollars per barrel threshold, following the escalation of the conflict in Iran and Iranian threats to block maritime traffic through the Strait of Hormuz. Prices have eased slightly from the peak after the US president and the US administration promised naval escorts for tankers and also promised risk insurance for carriers,” Daniel Apostol told NewMoney.
