Economy

Oil prices swing wildly as Iran war rattles global markets

Crude oil surged to nearly $120 a barrel before crashing back below $90 within 24 hours, after Trump signalled some sanctions on oil producers would be lifted and hinted the war could end soon. The whipsaw move has left economists warning of a renewed global inflation shock, with the UK chancellor Rachel Reeves telling MPs that rising prices are now likely, and Indian refiners still exposed despite a US waiver allowing purchases of Russian oil. Putin, seizing the moment, offered to resume Russian energy supplies to Europe as prices hit levels unseen since the start of the Ukraine war.

Sources

How high could oil prices go – and what might the global economic fallout be?

The Guardian · Mar 9