Global crude oil prices moved higher after renewed concerns emerged over the safety of major oil transportation routes. Investors fear that prolonged geopolitical tensions could disrupt global energy supply chains.
Higher crude prices are increasing inflation worries globally, especially for countries dependent on imported energy. Sectors like aviation, transportation, and manufacturing may face cost pressure if oil prices remain elevated.
Analysts believe oil markets will remain highly volatile until geopolitical conditions stabilize and supply concerns ease.
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