IN a world that is still far too dependent on fossil fuels instead of renewable sources, any problems in the Middle East will cast a long shadow.
Since the conflict began in Iran with the US and Israeli airstrikes at the end of February and Iran’s closure of the vital Strait of Hormuz that has stranded hundreds of shipping vessels, the price of crude oil has risen from US$73 a barrel to about US$100 now (roughly RM288 to RM394).
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