image sourced from original article at Global oil prices have surged following the war involving the United States, Israel and Iran, disrupting exports from the Gulf region and tightening supply. The shock has unsettled financial markets and pushed fuel costs higher for consumers worldwide.
At one point, key oil benchmarks climbed close to 120 dollars per barrel before easing back to just under 85 dollars. Despite the pullback, the volatility has heightened concerns about inflation and broader economic strain.
People in countries such as the Philippines, Bangladesh and Northern Ireland are already feeling the impact through rising fuel and living costs. The conflict’s effect on energy markets is demonstrating how interconnected the global economy remains, with households far from the fighting experiencing financial pressure.
