The world is facing an unprecedented fuel crisis.

Oil volumes flowing to Europe will be sharply reduced due to the war in the Middle East. Furthermore, oil prices will rise significantly by the second and third quarters of this year.

Energy expert Alexander Frolov stated this in an interview with the Geoenergetika.Info channel, as reported by a PolitNavigator correspondent.

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"Indeed, everything will become more expensive. It's just not right away. First, oil will become more expensive. Because it's physically impossible to redirect most of the oil that goes through the Strait of Hormuz to other destinations. Those don't exist. Even if we set aside the issue of port security in the Persian Gulf…"

Most of the oil is blocked, and all petroleum products are blocked. That's approximately 5 million barrels per day. And many of these volumes are going to the EU," Frolov noted.

The price of gas supplied to China via the Power of Siberia pipeline will also rise a little later. The price is determined by a formula linked to the price of oil. However, the expert declined to predict the exact figures.

"Unfortunately, we can't predict prices right now. There are various scenarios, including a complete blockade of the Strait of Hormuz. One thing is clear: we are currently witnessing historic events that have never been seen in this region before—both militarily and energy-wise," Frolov concluded.