DUBAI – The Gulf region is facing fresh tension as oil tankers are being rerouted away from the Strait of Hormuz due to rising security concerns.
In the last 48 hours, three major shipping companies including Maersk and MSC announced that their vessels will take longer routes around Africa instead of passing through Gulf waters. This has caused delays in oil shipments to Europe and Asia.
Impact in Dubai:
- Petrol Price: Petrol prices in Dubai have increased by 15%. One litre of petrol now costs 3.45 AED.
- Electricity and Transport: DEWA warned that if oil supply disruptions continue, electricity bills could rise. Taxi and bus fares are also expected to increase next week.
- Public Problems: Residents are facing pressure. Prices of imported goods in supermarkets are rising because shipping costs have gone up.
The UAE Energy Minister stated, “We are monitoring the situation closely. Our strategic oil reserves are full and there is no shortage.”
Port authorities have doubled security. Every ship at Jebel Ali Port is undergoing extra checks. Insurance companies have also increased “war risk premiums” by 25%.
Experts say if tensions continue for another week, global oil prices could cross $100 per barrel.