The global energy crisis caused by the conflict in the Middle East is entering a new phase as the summer season approaches, the Financial Times reports, citing its sources.
Nearly 80 countries have introduced emergency measures to protect their economies. Paul Diggle, chief economist at asset management company Aberdeen, told the newspaper that the price of Brent crude oil could reach $180 per barrel.
Supplies of oil, diesel and jet fuel could be strained by increased consumer demand for air conditioning and international travel. Economists have warned of the danger of a new surge in oil prices due to the record depletion of world reserves, the newspaper notes.
European Commissioner for Transport and Tourism Apostolos Tsitsikostas, quoted by the newspaper, said that if the conflict in the Middle East is not resolved in the coming weeks, “a global recession could become inevitable“.
In early May, experts said that the world is heading for the biggest energy crisis in history due to record high oil prices. The escalation in the global energy market is linked to the conflict in the Middle East, including US and Israeli strikes on Iran and tensions in shipping in the Strait of Hormuz.