The global energy crisis triggered by conflicts in the Middle East has entered a new phase with the arrival of summer.
According to the Financial Times, over 80 countries have taken emergency measures to protect their economies.
Paul Diggle, chief economist at Aberdeen Asset Management, said the price of Brent crude could rise to $180 per barrel.
Increased travel and air conditioner use are worsening the supply of oil, diesel, and aviation fuel.
Economists warn that reserves are depleting at the fastest rate on record, leading to potential sharp price increases.
European Commissioner for Transport and Tourism Apostolos Sitsikostas stated that if the Middle East conflict is not resolved soon, a global recession may be inevitable.
