The United States, U.S. and Israel joint war against Iran has escalated with multiplier effects to global price of crude oil in the international market which has jumped to over $100 per barrel as at Sunday.

Iran had declared the blockade of the Strait of Hormuz, a sea channel that 20% of the global oil is transmitted from producer countries to consumer countries.
Iran granted permission to vessels from China, and threatened to attack any oil tanker on transit through the Strait of Hormuz.

The consequences of the war are affecting the economies of many countries of the world.

Crude Oil and gasoline prices have risen astronomically, causing concerns of economic depression, high inflations strikes, in several countries.

There are worries that the war in Iran could prolong the blockade in the international route of crude oil transition.

The situation is exacerbated as the Iranian military is extending the war to certain countries in the Middle East, attacking refineries and oil facilities in the Gulf.

Fear of prolong war emanated from the statement of President Donald Trump of the U.S. Trump in a statement, referred to the rising oil price as a very small price to pay. He asserted that the short term oil prices will eventually drop when the destruction of the Iran nuclear threat is over.

The U.S./Israel joint forces would, therefore, not retreat until the mission of Trump is accomplished.