Global markets have witnessed a sharp rise in oil prices in recent days, with the price per barrel approaching $120, its highest level in years. This surge is primarily attributed to escalating geopolitical tensions in the Middle East, which have directly impacted supply chains, particularly in the Strait of Hormuz, one of the world’s most vital energy chokepoints.
Fears of supply shortages and rising transportation and insurance costs have also contributed to the price increase. Energy experts anticipate continued volatility if the escalation persists, potentially triggering a new wave of global inflation that will affect food, transportation, and service prices.
"The Source:The Guardian
