Oil Prices Surge After Gulf Conflicts and Strait of Hormuz Tensions: Impact on Sri Lanka’s Fuel Costs in March 2026
Global oil prices have risen sharply following recent military actions in the Gulf region and warnings from Iran restricting navigation through the Strait of Hormuz. The waterway, which handles about 20% of the world’s oil supply, saw tanker traffic halt or divert after radio warnings from Iran’s Revolutionary Guards instructing ships not to pass. This […]