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One of the most important consequences of the US and Israel war against Iran is the sharp escalation in the international prices of crude oil as a result the dangers associated with attempting to ship Middle Eastern crude through the Straits of Hormuz.
Before the war, on February 27, Brent crude traded at about US$73 a barrel and West Texas Intermediate (WTI) was selling in the vicinity of US$67 per barrel. As of yesterday morning WTI Crude (April 1), both Brent and WTI were trading at about US$100 a barrel.
The news agency Reuters reported on Wednesday that skyrocketing freight rates increase the cost of moving oil and fuel around the world, which means that not only will Paria have to pay more for the fuel, but it will probably have to pay to have the fuel transported from the Gulf Coast to Pointe-a-Pierre.
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