Oil price increases affect global markets and economies

Oil prices have risen significantly, which is having widespread effects. Stock markets in places like Malaysia have seen big swings, with one index gaining over 1% on rising oil prices one day, then falling on caution over those same prices and Middle East tensions the next.

Higher oil prices are also putting pressure on businesses and governments. The International Monetary Fund (IMF) has warned of an energy shock, and small businesses are bracing for the impact. Meanwhile, a major oil company, PetroChina, reported that its profit decreased from a previous record high.