By Ayo Kehinde with agency reports
The ongoing war in Gaza between Israel and Hamas has shot up the cost of transportation of crude oil, with a fear of uncertainty in the global oil market.
According to Bloomberg ” freight rates on 16 global trade routes surged by an average of more than 50% compared with a Oct. 9, according to data from the Baltic Exchange in London. The single biggest gain in that period has been for shipments across the Mediterranean Sea, which doubled.”
Meanwhile the war between Israel and Hamas has again triggered uncertainties in the global oil markets, after the havoc caused by the Russia-Ukraine war last year.
However, the conflict between Israel and Hamas has not led to a similar price surge as witnessed last year but concerns loom as the Middle East accounts for one-third of the global, said an international industry analyst
Currently, the price stand at $90 per barrel with the possibility of hitting the $100 mark in the coming days.
