Global oil prices are rising. Fears of supply disruptions due to renewed fighting have led to a surge. The cost of crude has increased by about 20 percent since early July. This rise is likely to have an impact on countries that rely heavily on oil imports.

A significant portion of oil requirements is met through imports for some economies, making them sensitive to price fluctuations. The effect of price increases can be substantial, with even a small rise potentially adding a large amount to the annual import bill.

Further information on the potential effects of costlier oil is available, including details on the potential financial impact of sustained price increases.