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وكالة الانباء الاردنية
Oil Expert Sees Ongoing Price Rise
Oil expert Hisham Aql predicts that global oil prices will continue to rise in the coming period due to escalating military tensions in the Middle East, especially in the Arabian Gulf, which holds about 20% of the world’s oil and gas reserves. He explained that military escalation increases transportation and insurance costs and raises market risks, warning that sustained tensions could push prices even higher. He also pointed out that threats to key maritime passages, such as the Strait of Hormuz and the Bab el-Mandeb Strait, have led to increased shipping costs, despite the availability of oil supplies. The cost of a barrel of crude oil accounts for roughly 50 to 55% of the final petroleum product costs, with the remaining percentage distributed across refining, transportation, and insurance.
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