WORLD
)
Escalating conflict between Israel and Iran is also boosting tensions over inflating global oil prices. Events took an escalating turn as the US entered the war after conducting an airstrike on Iran. This might inflate the global oil prices in case Tehran decides to retaliate against America's move by disrupting global oil trade through the Strait of Hormuz. Strait of Hormuz is a strategically important global trade passage for crude oil exports out of Middle East. This area witnesses nearly a quarter of the world's oil trade, making it a very sensitive region near a volatile conflict area. Concerns of investors and commodity traders around the world are rising as people expect Iran to block the region and potentially create disruptions in the shipping passage. This sentiment of uncertainty might eventually drive up oil prices.