Jordanian analyst forecasts oil price increase
Oil expert Hashem Aql predicts that global oil prices will continue to rise due to ongoing military tensions in the Middle East, especially in the Gulf region, which contains about 20% of the world's oil and gas reserves. He pointed out that the military escalation in the area increases market risks, driving up transportation and insurance costs, which in turn leads to higher oil prices. He also suggested that this upward trend could persist if tensions continue. Furthermore, he explained that refining costs, transportation, and commissions constitute the majority of the final price of petroleum products, even though the price of a barrel of oil accounts for only 50-55% of the cost of the end products.
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