Oil Hits $100: The Economic Fallout of West Asia War | Vantage with Palki Sharma
The war in West Asia has opened a second front — the global oil market. Brent crude, the world’s benchmark price for oil, briefly surged to around $119 per barrel before settling near $105, after crossing the $100 mark for the first time in this crisis.The surge has been triggered by supply disruptions through the Strait of Hormuz, a narrow waterway near Iran through which about 20 percent of the world’s oil flows. With tanker traffic restricted, the global market is facing a massive supply shock.
Some analysts estimate that up to 20 million barrels per day have effectively disappeared from global supply. Governments around the world are scrambling to respond.
Several Asian economies have already introduced emergency measures — including fuel price caps, energy conservation policies and reduced working schedules. The G7 nations have also called an emergency meeting to address the crisis.
For now, India says inflation remains under control and domestic fuel prices will stay stable. But if the global oil surge continues, the economic pressure could spread quickly.
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