Global oil price surge raises concerns of soaring inflation worldwide

The rapid surge in oil prices in the global market triggered fear of an impending inflation crisis across the world.

The recent inflation wave has gripped nations worldwide – with concerns mounting that further price increases may be on the horizon – due to a surge in oil costs in the global market.

As per reports from the international media outlet ‘The Guardian’, a 30 percent increase in oil prices has been recorded, primarily due to rising demand in China and reduced production by Russia and Saudi Arabia.

According to the reports, after the recent surge in oil prices, the cost have reached the threshold of $100 per barrel for the first time this year.

It is pertinent to mention here that Brent crude prices reached their highest point in past ten months, hitting $94 per barrel last week which was $72 per barrel in June.

Reports stated that this spike in oil prices was mainly due to the ongoing Russia-Ukraine conflict, which has persisted from the past three months.

During this period, light American crude oil, West Texas Intermediate (WTI), rose from $67 per barrel to $90 per barrel recording nearly 4 percent increase in both benchmarks within the week.

Furthermore, the United Kingdom is witnessing a gradual but noticeable increase in petrol and diesel prices.