The Ministry of Petroleum and Mineral Resources has decided to adjust the prices of some petroleum products and compressed natural gas (CNG) for vehicles amid the recent exceptional conditions the global energy market faces.

Oil prices surpassed $100 a barrel for the first time since July 2022, driven by escalating tensions in the Middle East.

In this factsheet, we shed light on the strategic importance of the Strait of Hormuz in global oil trade, identify the economies most affected by its closure, and examine the potential alternatives available for Arab countries for re-routing their oil and petroleum product exports.

Oil prices jumped on Monday, as the Iranian crisis worsened after at least three ships were attacked near the Strait of Hormuz.

Oil prices hiked on Wednesday following an Israeli attack on Hamas leadership in Qatar, with Brent crude futures rising 35 cents, or 0.53%, to $66.74 a barrel