The fuel price spike reflects the rise in crude oil prices globally. The most proximate cause for that spike is the possibility a full-scale regional war could break out in the Middle East. By contrast, presidential contender Donald Trump has urged Tel Aviv to go ahead and bomb Iran’s nuclear facilities. While we await, with great suspense, the exact nature of Israel’s response, global oil prices will likely remain at their present elevated levels. In which case, the greater anxieties these spawns will push oil prices much higher – perhaps close to the $100 per barrel level.

Source: Philippine Star October 14, 2024 19:00 UTC