Business

Global oil and gas prices rise as Middle East crisis disrupts shipping, production

04.03.2026, 07:22

Iraq, OPEC's second-largest producer, said it may be forced to cut production in a few days — Iraq, OPEC's second-largest producer, said it may be forced to cut production in a few days. Photo by Marcin Golba/NurPhoto via Getty Images

The conflict risks triggering a spike in inflation that could choke off economic recovery in Europe and Asia.