Washington: (Right Now News) Bloomberg has warned that crude oil prices could reach $200 per barrel. This concern arises if the conflict between Iran and the US-Israel extends.

According to Bloomberg’s report, the closure of the Strait of Hormuz is reducing global oil supply by approximately 11 million barrels daily. This could deliver a significant blow to the global economy.

In Europe, the risks of diesel shortages are increasing, while global inflation and economic pressures are mounting. Saudi Arabia and the UAE are attempting to increase supply through alternative routes.

LNG supply is also being affected, raising fears of a gas crisis. Several countries have begun implementing fuel-saving measures.

It is important to note that relying on global reserves is not a permanent solution, and the risk of a major economic shock remains if the conflict prolongs.