Global oil shock intensifies

With one-fifth of the world's oil supply effectively blocked, physical crude prices have surged toward $150 a barrel.

The International Monetary Fund has cautioned that emerging economies are particularly vulnerable to interest rate and currency shocks resulting from the crisis.

Major airlines and shipping companies have begun implementing aggressive fuel surcharges, while some nations are already facing the prospect of fuel rationing.

Experts suggest the current shock is more serious than the 1973 and 1979 crises combined due to the interconnected nature of modern supply chains.