Oil surges past $100 as Middle East tensions shake global markets
Global oil prices have surged past $100 per barrel, triggering fresh fears of a worldwide economic shock. Rising tensions in the Middle East and growing concerns over the safety of the Strait of Hormuz, one of the world's most critical oil shipping routes, are sending shockwaves through energy markets and financial systems.
In this video, we break down why oil prices are suddenly spiking, what is happening in the Middle East, and how disruptions in global oil supply could impact fuel prices, inflation and the wider economy. With nearly 20 per cent of the world's oil supply moving through the Strait of Hormuz, any threat to this route could send prices even higher.
Analysts warn that if tensions escalate further, oil could surge to $120 or even $150 per barrel, increasing transport costs, raising food prices and putting pressure on economies worldwide. Governments may even consider releasing strategic oil reserves to stabilize markets.
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