Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has stated that fuel prices are likely to rise in July due to the ongoing conflict between Iran and Israel deepened by recent U.S. airstrikes on Iranian nuclear sites.
Iran‘s Strait of Hormuz transports about 20% of the world’s oil and gas, with Iran now threatening to close it down, which could disrupt supply and cause price volatility.