Oil Prices Hit Record Highs as Hormuz Crisis Paralyses Global Supply

While Brent crude futures reached a post-2022 high of $119.50 last month, the physical shortage has pushed actual transaction prices much higher as refineries scramble for limited stocks. This competition for alternative supplies from Europe and Africa has driven prices to historic levels. With one of the world's most vital trade arteries blocked, analysts warn that the prolonged disruption could trigger a massive global economic crisis and uncontrollable inflation.