LONDON, May 8: Global oil prices climbed sharply after concerns over supply disruptions and geopolitical instability triggered renewed volatility in energy markets.
Analysts said tensions in major oil-producing regions and uncertainty over production output contributed to the increase in crude prices.
The surge raised concerns among importing nations about inflationary pressures and transportation costs that could impact economic recovery.
Energy experts warned that prolonged instability could affect fuel prices, airline operations and industrial production worldwide.
Several governments are monitoring fuel reserves and exploring measures to stabilise domestic markets if price increases continue.
Traders remain focused on diplomatic developments and production decisions by major oil-exporting nations.