- Oil prices have surpassed $100 per barrel for the first time in over three and a half years, with Brent crude reaching $101.19 and West Texas Intermediate hitting $107.06.
- The significant price increase is attributed to the ongoing conflict involving Iran, which is hindering oil production and shipping in the Middle East.
- The Strait of Hormuz, a crucial passage for 20 per cent of the world's oil, is under threat from Iranian missile and drone attacks, leading to reduced exports from key producing nations.
- Attacks on oil and gas facilities by Iran, Israel, and the United States have further intensified supply concerns, contributing to market instability.
- The global surge in oil prices has raised fears in financial markets about escalating inflation and a potential decline in consumer spending, impacting the US and wider global economies.
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