Oil's Double Whammy: War and Inflation Global oil prices have surged to a seven year high, briefly topping $100 a barrel amid escalating tensions in the Middle East.
The attacks by Iran backed Houthi rebels on Saudi oil tankers in the Red Sea have exacerbated an already volatile situation.
Oil producing countries such as Saudi Arabia and Russia will benefit from higher revenue streams, but consumers can expect to bear the brunt of increased production and transportation costs.