The escalation of the conflict in the Middle East and the reduction of shipping through the Strait of Hormuz have led to a sharp increase in world oil prices. On Monday morning, the price of a barrel jumped by about 26%, exceeding $119 - the highest level since 2022.
The oil market traditionally reacts sharply to geopolitical risks, especially when they affect key supply routes. A significant portion of the world's exports of oil and petroleum products passes through the Strait of Hormuz, so any restrictions on the movement of ships in this region are quickly reflected in quotations and investor expectations.
Economists note that the increase in world prices may also affect Armenia. According to Grant Mikaelyan and Tatul Manaseryan, the rise in oil prices could lead to higher fuel prices in the domestic market, as the country depends on energy imports.
However, on Tuesday, the price of oil has already fallen to $85.
