US-Iran War: Petrol prices soar again, fears of a new wave of inflation
International Desk — Petrol prices, which had been declining rapidly since the ceasefire, are surging again as the United States continues air strikes on Iran for a third consecutive day.According to international news agencies, global crude oil prices rose 9 percent yesterday, followed by a further 5 percent increase today.Brent crude traded as high as…
International Desk — Petrol prices, which had been declining rapidly since the ceasefire, are surging again as the United States continues air strikes on Iran for a third consecutive day.
According to international news agencies, global crude oil prices rose 9 percent yesterday, followed by a further 5 percent increase today.
Brent crude traded as high as $87.49 per barrel throughout the day, marking one of its highest levels in recent weeks. West Texas Intermediate crude also crossed the $80-per-barrel mark.
Analysts warn that if hostilities between the US and Iran continue, Brent crude could climb to $90 or higher, with some experts not ruling out the possibility of oil reaching $100 per barrel.
Rising crude prices could push up the cost of fuel, transport, and electricity worldwide, raising fears of a fresh wave of global inflation. The situation could also influence interest rate policies at central banks in the US, Europe, and Asia.
US air strikes on Iran continued for a third day, while Iran retaliated by targeting American installations and interests in Jordan, Egypt, Kuwait, and other Gulf countries.
