Crude oil prices hit four-year high as Iran war threatens to drag on

The sharp increase in crude oil prices reflects a complex interplay of geopolitical risks and market dynamics. The potential prolongation of the US blockade raises concerns about supply disruptions, which could further escalate prices. Moreover, the discussions around windfall taxes on major oil companies like TotalEnergies highlight the growing scrutiny on corporate profits amid rising energy costs for consumers. This scenario underscores the delicate balance policymakers must strike between economic stability and addressing public concerns over energy affordability.