US-Iran Conflict Halts Ship Movements in Strait of Hormuz, Oil Prices Soar

The war between the United States and Iran has started again, due to which the movement of ships has stopped on the Strait of Hormuz. Most of the ships are going in the dark of night or in a clandestine way, but still the ships are not able to come out with full capacity. Due to this tension, the price of crude oil has increased rapidly and has reached near $85 per barrel. On the other hand, US President Donald Trump is talking about charging a 20 percent tax on the ships passing through there, which now seems to be deepening the tension and is likely to cause a further surge in the price of crude oil. Meanwhile, Yemenis are threatening to close another route like Hormuz, which can lead to crude oil prices reaching $200 per barrel. Global inflation can reach record levels. Also, the stock markets around the world can fall drastically. In fact, concerns about global energy supplies and maritime trade between Yemen, have threatened to close the strategic Bab al-Mand.