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Increase in oil transportation volume.

Stock prices plummet in the global market as well

Stock markets around the world plummeted on Thursday due to fears of rising inflation and borrowing costs, alongside the surging prices of oil.

The Stoxx Europe 600 index, which comprises major European companies, fell by 1 percent. The UK's FTSE 100 index dropped by 0.7 percent.

In Asian markets, Japan's Nikkei 225 index tumbled 2.7 percent, while South Korea's Kospi index sank 3.5 percent. Hong Kong's Hang Seng index also suffered a 3 percent decline.

The high cost of fuel oil has also hit the aviation sector. Shares of the US carrier American Airlines dropped nearly 4 percent in pre-market trading.

The company stated that it might incur losses this year due to unusually high fuel oil expenses. Consequently, it has revised its previous forecast of making a profit this year.

Source: The Guardian