Oil prices surge past $100

The failure of diplomatic efforts in Islamabad has reignited fears of a severe global energy shock, sending crude oil prices skyrocketing.

Analysts warn that a sustained blockade of the Strait of Hormuz could push prices as high as $150 or even $170 a barrel if tanker traffic is significantly impeded.

This surge is expected to fuel domestic inflation in energy-importing nations and has already led to a sharp decline in Asian stock markets.

The United Nations has warned that the economic fallout from the ongoing conflict could plunge millions more into poverty due to rising food and energy costs.