Oil prices have surged sharply, with a barrel of North Sea oil (Brent) trading at over $115 on Monday morning, according to reports from multiple Swedish newspapers including Kristianstadsbladet, BLT Blekinge Läns Tidning, Borås Tidning, Sundsvalls Tidning, Smålandsposten, and Nerikes Allehanda. The increase is reportedly linked to the war in Iran. Before the war broke out, the price was around $70 per barrel, and on Friday, it was about $90 per barrel.
The same trend is observed for American WTI oil. An expert cited in the reports warns that the risk of lower growth and higher inflation is now increasing.
The risk of lower growth and higher inflation is now increasing.