Energy Crisis Looms as Oil Prices Spike During Ongoing West Asia Conflict

The ongoing conflict involving the United States, Israel, and Iran has entered its 18th day, triggering a sharp rise in global crude oil prices. The escalation in hostilities has pushed oil prices up to $153 per barrel, marking one of the highest levels recorded in recent times. The continued tensions between Israel and Iran have significantly disrupted global energy markets. In just 18 days, crude oil prices have surged by more than 40 percent internationally. A major factor behind this spike is the disruption of supply routes through the strategically important Strait of Hormuz, a key channel for global oil transportation. The surge in oil prices is expected to have widespread economic repercussions across the world. Countries heavily dependent on oil imports are likely to be the most affected. The increase could directly impact transportation costs, electricity prices, and the cost of essential commodities, raising concerns about inflation in multiple economies. Amid the growing energy crisis, Sri Lanka has announced a reduction in its government workweek to four days. The move is aimed at conserving fuel and managing the ongoing energy shortage more effectively.