President Aleksandar Vucic calls emergency meeting

Photo: Instagram/buducnostsrbijeav

President of Serbia Aleksandar Vucic will today hold a meeting with representatives of competent ministries and institutions to assess the situation on the fuel market and fuel reserves.

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Dramatic events are taking place on the global market because of an abnormal surge in oil prices, which rose to $112 per barrel after the Iranian media reported an air strike hit a facility in the world's largest natural gas field.

The benchmark Brent crude oil price reached $112 per barrel early this morning in Asia, up more than 5 percent from Tuesday's price, the BBC reports.

The spike followed reports that Iran's petrochemical complex at the South Pars gas field had been hit.

Hours later, Qatar reported that extensive damage had been caused to the Ras Laffan industrial site came under attack.

Although the price of both oil and gas rose sharply, they remained below the highs seen earlier in the conflict, the BBC said, noting that oil had hit $116.78 a barrel on March 9.

Iran's oil ministry said the fire at the petrochemical complex was under control, Tasnim, a news agency affiliated with the Islamic Revolutionary Guard Corps, reported.

The situation on the oil and gas market is catastrophic. The price of oil today went to $112 per barrel while it was recently $65. Slovenia has introduced restrictions on sales at gas stations. The price of fuel in the US is already at $5 per gallon.

(Telegraf.rs/Kurir)