Amid the ongoing military tensions between the United States and Iran, global energy markets have once again come under pressure, with crude oil prices rising sharply.
According to international market data, the price of Brent crude has climbed above $90 per barrel, while U.S. West Texas Intermediate (WTI) crude has also risen to around $84 per barrel.
Economic analysts warn that if the Strait of Hormuz remains closed for an extended period or regional tensions continue to escalate, crude oil prices could surge to as much as $150 per barrel.
They add that sustained increases in energy prices would fuel global inflation, raising the likelihood that the U.S. Federal Reserve will keep interest rates elevated or even increase them further in an effort to contain inflation.
Writer:Saeed Sameer
