Global Oil Prices Surge, Echoing 1973 Energy Crisis
Global oil markets are witnessing a sharp surge as the price of Brent Crude has jumped from $70 to over $110 per barrel, raising concerns among analysts. Experts say the sudden spike resembles the historic 1973 Oil Crisis that followed the Yom Kippur War. During that period, crude prices increased from about $3 to $12 due to sanctions and supply restrictions.