Global Fuel Prices Hit Four Year High
Crude oil prices in the international market have jumped to their highest level in four years. Fears of tense conflict between the United States and Iran spreading across the world pushed the prices up. The global benchmark Brent Crude reached $116.20 per barrel, a level not seen since June 2022.
At the same time, the US benchmark West Texas Intermediate (WTI) rose to $102.50 per barrel. This is the highest price for this oil in the last five weeks.
Market analysts say rising US and Iran military tension in the Middle East is pushing oil demand and prices up fast. They also say fears of a major supply chain disruption add to the pressure. If the conflict around Iran grows longer or more intense, the global energy market could face a serious shortage.
The sudden rise in oil prices has raised fears of fresh inflation pressure on import dependent economies. Experts believe Asian emerging economies could feel the direct impact most.
