Pockets of fuel shortages worldwide, continuing price spikes, and rising inflationary pressure are now more imminent amid the ongoing Iran war escalation and the continuing decline of global energy supplies, analysts said.
On Wednesday, the global benchmark for crude oil topped $101 per barrel for the first time since July and the U.S. standard for diesel rose above $200 per barrel—just the second time ever after a brief blip in 2022 following Russia’s invasion of Ukraine. With oil flows again slowing to a crawl in the Strait of Hormuz bottleneck, central banks worldwide will again look at rate hikes to stem rising inflationary pressures, they said.
