07/03/2026
đĸ 1 barrel of oil = about 159 liters
đĩ Current price of 1 barrel of oil = 83 USD
Means, it takes 83 dollars to buy 159 liters of crude oil.
Why is the price of oil increasing in the world market?
1. Political unrest and war
War or conflict in the Middle East or other oil-producing areas â risks to supply
Example: Iran-Israel conflict in 2026 â International oil price rises to $80â$85.
In such a situation, investors try to âstockâ oil â prices rise further.
2. Constraints in supply
When the oil supply is blocked, the price of oil in the world market increases as per barrel
3. The Dollar and Inflation
Oil is usually traded in dollars. When the value of the dollar falls, the price of oil rises relative to other currencies