Oil expert predicts ongoing price increase

Oil expert Hashim Akel expects global oil prices to rise in the upcoming period, due to the continued military tensions in the Middle East, especially in the Gulf region, which holds about 20% of the world's oil and gas reserves. He explained that military escalation increases market risks and raises shipping and insurance costs, which in turn pushes prices higher if tensions persist. He also pointed out that the cost of a barrel of oil accounts for approximately 50-55% of the final price of petroleum products, with a significant impact coming from increased transportation, insurance, and shipping costs.

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