Read more about Oil nearing $70 worries consumer nations, may hamper economic recovery on Business Standard. Consuming nations will bear the cost of pricier energy, potentially fanning inflation and hurting their recoveries
While prices have since pulled back, the impact on inflation and the overall global recovery depends on how sustained the underlying rally proves to be.
A missile attack Sunday on a key Saudi Arabian export facility sent Brent crude, the international benchmark, above $70 a barrel for the first time since January 2020