Will the price of oil increase in Albania?! - Experts: Closing Hormuz would cause high inflation
The world is holding its breath due to the escalation of conflicts in the Middle East, and the most mentioned name in world news is the Strait of Hormuz.
This narrow route, through which over 20% of the world's oil passes, is close to being closed. Such a development is expected to bring an immediate increase in oil prices in the world, but also in Albania.
"This is the most serious fear, because if the situation worsens and Iran decides to close this strait, it will mean the interruption of 1/5 of the world's oil supply, and 50% of it is for Europe. The effect of this scenario would be extremely strong and would be transmitted throughout the world," says economic expert Selami Xhepa.
In the most dramatic scenario of the closure of the Strait of Hormuz, the price of a barrel of Brent oil is expected to reach up to $100, which would bring profound economic changes, causing a series of setbacks for the country's sectors and more "fragile" pockets for consumers.
"Of course, oil is not just energy, but is part of a series of products. So, when one element increases in cost, all products immediately increase, which would weigh on consumers' pockets," says Zana Guxholli, an economic expert.
Albania experienced severe inflation due to the conflict a few years ago between Russia and Ukraine, which led to a frightening increase in prices, with the price of a liter of diesel reaching 250 lek. The fear is the same in this case.
"Its effect on inflation would not only come from the price of oil, but also from products related to energy sources - starting from food, clothing and other chain groups. The world would again experience the same aggressive inflation as in the case of the conflict with Ukraine, which would create a very negative scenario," - Professor Xhepa further explains.
According to data from international markets, the current price of a barrel of Brent is around 77.8 USD, with an increase of nearly 20% over the last month.
National Social Housing Program/ Gonxhja: 1,253 families in 35 municipalities of the country benefit!
"Like never before, 1,253 families in 35 municipalities benefit from the National Social Housing Program, " writes Minister of Economy, Culture and......
NATO countries, towards the 5% target - Members agree to increase defense spending before the summit in The Hague
NATO allies have reached a consensus to increase defense spending to 5% of their countries' GDP by 2035. According to reports citing diplomatic sources,......
"94 million euros in debts to businesses and citizens - 3-month period, today's increase in obligations for investments and lawsuits"
The year 2025 has begun with a significant increase in central and local government debts to businesses and citizens. According to official data from the......
International Conference of Commissioners/ Dervishi: Transparency must function as a real mechanism!
The Commissioner for the Right to Information and Personal Data Protection, Besnik Dervishi, is participating in the International Conference of......
Durrës-Rrogozhina railway project - Extension of the track, 4 new stations and reconstruction of the 380 m long tunnel
Efforts to secure funds for the rehabilitation of the Durrës-Rrogozhina railway line have been underway for several years, while the Environmental Impact......
2025 budget money redistributed - Malaj: More funds for cybersecurity, IT and infrastructure
Redistribution of funds for cybersecurity, information technology, sovereign guarantees in agriculture and infrastructure. These are just some of the changes......
Tensions in Iran raise oil prices - US attacks and possible Iranian response "disturb" markets
Investors reacted to US strikes on Iran over the weekend, as Tehran and Israel continued to trade missiles on Monday morning. Brent crude rose about 1.53% to......
Who have we entrusted with oil imports? Saudi Arabia dominates in May, Oman drops off the list
Imports of petroleum and mineral fuels into Albania for May 2025 have undergone a significant shift compared to the same month a year earlier, both in value......
