Why are oil prices rising? Obama's response: Iran now has veto power over the Strait of Hormuz, through which oil enters world markets. Iran's control of the Strait is the main reason for the increase in oil prices in the world, and no one can deny this fact. The control of this strategically important route became a central factor in the increase in diesel prices, which led to an increase in the prices of almost all goods in the world.

Why are oil prices rising? Obama's response: Iran now has veto power over the Strait of Hormuz, through which oil enters world markets. Iran's control of the Strait is the main reason for the increase in oil prices in the world, and no one can deny this fact. The control of this strategically important route became a central factor in the increase in diesel prices, which led to an increase in the prices of almost all goods in the world.