Global: Oil prices climbed sharply this weekend as escalating Middle East conflicts disrupted supply routes through the Strait of Hormuz, creating the largest supply shock in modern history.
Flows of crude and refined products through the vital shipping lane have plunged, with Gulf producers cutting output by nearly 10 million barrels per day. The disruption has rattled markets and sent benchmark prices higher.
The surge follows intensified hostilities between Iran and Israel, alongside U.S. military deployments, raising fears of further attacks on energy infrastructure and shipping vessels.
Economists warn that rising energy costs could fuel global inflation, strain trade routes, and pressure economies dependent on Gulf oil, including India. Analysts say the crisis may force governments to tap reserves or seek alternative supply chains.
Regional observers caution that the conflict’s impact on oil markets underscores the vulnerability of global energy security, with ripple effects expected across transport, agriculture, and manufacturing sectors.
