March 09, New Delhi — Rising tensions in the Middle East are fueling a worsening energy crisis across global markets, with oil prices surging past $114 per barrel for the first time since 2022.
The international benchmark Brent Crude and the main US oil contract, West Texas Intermediate, rose by nearly 15 percent by midday trading in Europe on Monday after spiking nearly 30 percent earlier, raising fears of higher fuel prices and energy costs worldwide.
Amid the turmoil, leaders of the Group of Seven nations are set to hold an emergency meeting to discuss the sharp rise in oil prices and the broader impact on global markets. Officials are expected to consider a coordinated release of petroleum reserves through the International Energy Agency.
In Seoul, President Lee Jae-myung announced that authorities would cap domestic fuel prices for the first time in nearly three decades to contain the sharp spike in costs.
Turning to India, officials said the country is moving swiftly to safeguard energy security. Refineries have been directed to maximize liquefied petroleum gas production, with households given priority. Authorities said supplies of petrol, diesel, and aviation fuel remain stable, ensuring no immediate disruption for consumers.
In Bangladesh, authorities have ordered universities to close from Monday and brought forward the Eid al-Fitr holidays as part of emergency measures to conserve electricity and fuel.
Meanwhile, Pakistan has increased domestic fuel prices by 20 percent in response to rising global costs.
Commenting on the surge, Donald Trump said the price rise was a “small price to pay” to eliminate Iran’s nuclear threat as the conflict shows no signs of easing.
Analysts say the developments highlight how deeply interconnected global energy markets remain, with geopolitical tensions quickly translating into economic pressures worldwide.
