Due to the intense attacks being exchanged between Israel and Iran, oil prices in the global market have begun to rise. According to Reuters, oil prices have increased by 4% as of yesterday. The Maldives is a country heavily dependent on oil. A large percentage of the products used in the Maldives have to be imported from abroad. One of these products is oil and gas. Due to the high level of dependence on imports, the Maldives is always affected by changes in global market prices.
Changes in global oil prices have affected the Maldives before. And the Maldives is always among the first countries to be affected by this. The reason is that the Maldives is not a country with large oil reserves. Therefore, it is likely that this change in global oil prices will affect the Maldives.
Iran and Israel began exchanging attacks on June 13. Israel was the first to attack Iran. The attacks are targeting nuclear facilities established in the capital Tehran and other regions.
Given the current course of the war, even analysts studying the situation cannot say how long the war will last. There are now indications that the United States may join Israel in attacking Iran. If this happens, many countries will enter the war and the conflict will further escalate. On June 14, an Israeli attack caused a fire at the South Pars gas field shared by Iran and Qatar, somewhat slowing down gas production at that facility. Israel has also attacked Iran’s Shahram oil facility. Due to the war, global oil prices have already risen to some extent.
Among oil products, the price of crude Brent oil has now risen by 2.03 percent. As a result, this type of oil is now available at $74.72 per barrel. In addition, the price of West Texas Intermediate crude oil has also increased by 1.78 percent to $73.05 per barrel. Given the current course of the war, experts have predicted that oil prices will continue to rise in the coming days, considering that there may be obstacles to supplying oil to meet demand. Rising oil prices will also lead to changes in the prices of other services and goods. If the war continues without ending, oil prices will rise in all countries of the world. However, the timing of the impact will vary for different countries. Some countries have already seen changes in oil prices.
It is likely that this will affect the Maldives as well. However, the Maldives has not yet changed oil prices. A change in oil prices will also lead to changes in the prices of other services, for example essential services such as electricity and water.
