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.