Kathmandu, June 13 – Crude oil prices in the international market have surged sharply following Israel’s attack on Iran. Israel launched a severe attack on Iran early this morning.

There has been a significant rise in crude oil prices in the international markets of Hong Kong and Singapore. The price of crude oil has already increased by more than 7 percent. Iran is one of the major exporters of crude oil. With growing fears of war in the Middle East, a sharp rise in fuel prices is anticipated.

Oil prices spiked after Iran issued a warning of a harsh and decisive retaliatory attack against Israel. Iran produces 1.6 million barrels of oil per day. There is growing concern in the global market that if the conflict between Israel and Iran escalates, Iran may close the Strait of Hormuz, a critical maritime route.