Global financial markets witnessed heightened volatility today as crude oil prices surged past $95 per barrel, reigniting fears of inflationary pressures worldwide. Economists warn that prolonged price hikes could push central banks to maintain higher interest rates for longer, directly affecting borrowing costs for businesses and consumers. Equity markets in Asia and Europe showed mixed reactions, with energy stocks gaining while consumer-driven sectors faced sharp declines. Analysts suggest that if energy costs continue to rise, it could dampen global economic recovery momentum, especially in emerging markets already struggling with currency depreciation.
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