Oil prices surge after the Strait of Hormuz is closed for one month.

Now that the Strait of Hormuz has been closed for a month, the price of oil has skyrocketed worldwide.

US crude is currently priced at $101 per barrel, while Brent crude has reportedly increased to $114 per barrel. Experts at Bloomberg have cautioned that if the crisis continues, prices could hit $150 per barrel.

Global economic growth is being impacted by the rise in oil costs. Petroleum goods are already severely lacking in a number of Asian nations, including Thailand.

US media outlets have also noted that the energy crisis is now endangering Western countries after first affecting Asia. In the upcoming weeks, Europe is predicted to see a severe diesel scarcity and sharp price increases.