Oil prices surged over 5 percent after an Israeli strike on Iran’s South Pars gasfield amid escalating conflict between the US-Israel coalition and Iran. Brent crude reached $108.66 per barrel, while US West Texas Intermediate rose to $98.65. Iran’s Revolutionary Guard threatened retaliation against Gulf nations, increasing the risk of energy supply disruptions. Experts warn that sustained high prices could trigger global inflation, especially with significant output cuts in the Middle East.
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