Crude oil prices have surged past $110 per barrel following disruptions to shipping through the Strait of Hormuz amid the Iran war. The spike marks the highest level since Russia’s invasion of Ukraine in 2022, with Brent crude jumping as much as 27 percent in a single session. Energy analysts warn the price could climb to $140–150 if force majeure is declared on shipments. G7 finance ministers are reportedly considering a coordinated release of strategic petroleum reserves to calm markets and ease pressure on consumers facing higher petrol costs.
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