Business Daily

How is the world feeling the impact of rising oil prices?

Mar 12, 2026
Aminat Bakker, Dubai-based analyst of Gulf energy markets and infrastructure. Simon Johnson, Nobel-winning macroeconomist and former IMF chief economist. They discuss how Middle East conflict jolts oil markets. They describe daily life near strikes, risks around the Strait of Hormuz, which countries are most exposed, transport and logistics pain, and whether high prices will speed a shift from imports.
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ANECDOTE

Hotels And Universities Close As Fuel Shortages Bite

  • In India restaurants and hotels warned of closures as cooking fuel was restricted and homes prioritised supply.
  • Bangladesh closed universities and Pakistan rationed fuel amid shortages linked to disrupted shipments.
INSIGHT

Hormuz Controls A Fifth Of Global Oil Flow

  • About 20% of global oil supply transits the Strait of Hormuz, creating a single world price risk.
  • Aminat Bakker estimates ~20 million barrels flow daily and potential outages of about 6 million barrels per day from regional shutdowns.
ANECDOTE

Tea Exporters Face Containers Stranded By War Clauses

  • Indian tea exporter Aurobinder Naik described containers stuck mid-voyage after shipping companies invoked war clauses.
  • He says cancelled obligations force businesses to repatriate containers at their cost and face 'colossal losses'.
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