West Asia tensions push global oil prices higher; Nepal assures stable supply
Summary
Global crude oil prices surged following US and Israel strikes on Iran, causing market instability; Nepal assures stable petroleum supply despite higher demand during elections and Holi.
Key Points
- US and Israel's joint strikes on Iran caused a major shock to global energy markets, pushing crude oil prices up by about 10 percent.
- Nepal Oil Corporation officials assured that Nepal's petroleum supply remains stable despite international price increases and election-related demand.
- Most tanker owners suspended shipments through the Strait of Hormuz amid increased risk and disruptions in shipping routes.
- OPEC+ agreed to a modest production increase as a limited measure against supply risks caused by the ongoing regional tensions.
