Growing fears of a global fuel crisis as strategic stockpiles deplete

Warnings of a global oil crisis have followed in succession, as the Strait of Hormuz crisis continues.

Exclusive – Al-Khabar Al-Yemeni:

The International Monetary Fund predicted a recession crisis if oil prices continue to rise. Reuters news agency quoted the IMF’s managing director calling for a rapid solution to the crisis before the year 2027.

Oil prices have resumed their rise in recent days, currently approaching the $110 per barrel mark. Prices are witnessing fluctuations between rise and fall due to developments in the crisis with Iran, specifically the file of the Strait of Hormuz, the world’s most prominent oil passage.

This new rise comes despite Western countries releasing large amounts of their stockpiles. The International Energy Agency expected prices to rise during the remainder of the year, confirming a supply shortage in the coming period due to some countries depleting their strategic reserves very quickly.