Oil prices hit 6-month high, sparking global inflation fears

The price of Brent crude surged to a six-month high on Friday, surpassing the $91 per barrel mark, propelled by escalating tensions in the Middle East. 

This sudden and significant uptick in oil prices has sent reverberations throughout global financial markets, reigniting fears of inflationary pressures and prompting deep concerns among central bankers, policymakers, and investors alike. 

The global benchmark, Brent crude, has not reached these levels since October, driven primarily by mounting geopolitical tensions in the volatile Middle Eastern region. 

Analysts have been closely monitoring developments, particularly following recent clashes between Hamas and Israel, which culminated in an Israeli airstrike on Tehran’s consulate in Damascus, Syria. 

The implications of surging oil prices extend far beyond geopolitical concerns, casting a shadow over various sectors of the global economy. 

In the United States, where the economy is still recovering from the impact of the COVID-19 pandemic, the sudden spike in gasoline prices has exacerbated concerns. 

Gasoline prices have surged by a notable 6 percent over the past month, a worrying development as the North American summer driving season approaches. 

This surge in energy costs adds additional strain on consumers already grappling with elevated living expenses. — ANI

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)