If the price of crude oil does not return to around $65 per barrel, it will subtract tenths from the GDP and delay the moderation of price increases. Just a few days after the Bank of Spain and BBVA's research department in Spain presented their macroeconomic projections - which lowered their growth forecast for the country to 2.

A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the Consumer Price Index by 0.5 percentage points,

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine