World
Oil Prices Surge as Iran Conflict Shows No Signs of Abating
Global oil prices have risen sharply over the past week, with Brent crude reaching $126.41 per barrel amid prolonged tensions in the Strait of Hormuz and stalled ceasefire talks between the U.S. and Iran. The conflict, which began with U.S.-Israeli airstrikes on Iran on February 28, has disrupted one-fifth of the world's oil and LNG supply. U.N. Secretary-General Antonio Guterres warned that if the waterway closure continues beyond mid-year, it could slash global growth, fuel inflation, and push tens of millions into poverty.