Global oil prices may begin to ease within the next month if geopolitical tensions in West Asia de-escalate, according to leading energy market expert Peter McGuire.
In an exclusive interaction, the CEO of Trading.com said he expects the ongoing conflict in West Asia to gradually cool down ahead of the United States’ 250th Independence Day celebrations on July 4.
The global crude oil market has remained highly volatile since the conflict began, with fears over supply disruptions pushing prices sharply higher. Oil prices have reportedly surged nearly 40 per cent during the crisis, impacting fuel costs, inflation levels and consumer spending across several economies.
Rising Fuel Prices Impacting Global Economy
Higher crude prices have increased transportation costs and pushed up prices of daily essentials worldwide. Governments, businesses and households are closely monitoring the situation as inflationary pressure continues to build.
Experts warn that prolonged geopolitical tensions in oil-producing regions could further strain global supply chains and reduce consumer purchasing power.
PM Modi’s Fuel Conservation Appeal
Amid rising energy concerns, Indian Prime Minister Narendra Modi recently urged citizens to reduce fuel consumption and avoid unnecessary usage of petrol and diesel.
However, Peter McGuire said it remains uncertain whether such appeals would result in significant behavioural changes among consumers.
Markets Watching West Asia Closely
The ongoing instability in West Asia has kept global financial and energy markets on edge. Oil supply concerns have affected countries across the world, especially large energy-importing nations like India.
Analysts believe that any easing in geopolitical tensions could help stabilise crude prices, lower inflation pressure and provide relief to economies struggling with rising energy costs.
Originally published on 24×7-news.com.
