Global oil prices surged today as ongoing tensions in the Middle East continued to disrupt supply routes, particularly through the Strait of Hormuz.
Energy markets reacted sharply, with benchmark crude prices rising amid fears of prolonged shipping restrictions and reduced output. Analysts warned that continued instability could drive fuel costs higher worldwide, affecting transportation and manufacturing sectors.
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The spike has also raised concerns among policymakers about inflationary pressure, especially in economies already dealing with slow growth.
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