West Texas Intermediate crude oil prices surged to 108 dollars per barrel following the escalating military conflict between the USA and Iran.Global stock markets plummeted as Dow Jones futures fell 1,000 points amid the closure of the critical Strait of Hormuz shipping lane.Iraq reported a seventy percent drop in oil production while Kuwait announced preventive cuts to its output as regional stability declined.Financial analysts from
Goldman Sachs and
BlackRock warned that prices exceeding 100 dollars could trigger a severe global recession.