The oil market is soaring at the moment.

According to reports, it was not only the physical demand that boosted prices, but also the ongoing tension in the Middle East caused by the recent attack on the United Arab Emirates.

A group of Yemeni rebels are said to have struck three tankers this week, which killed three people. UAE issued a statement that says they reserve the right to respond to these terrorist attacks.

Because of these, economists believe that demand will exceed supply this year, especially after the world reopens after a two-year lockdown.

On a different note, UN Secretary General Antonio Guterres said the world should stop building new coal-fired power plants and curtail existing ones. He is pertaining to the transition to green energy, an issue that is gaining traction as not all economies have the resources to move at the same pace towards more renewable energy sources.

Guterres said that even if all countries met their commitments, emissions would still be higher than they should be. As such, he urges for more action, starting with phasing out coal.

This is not the first time that Guterres called for coal to be phased out as he already appealed for it last year.