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Oil prices surge above 110 as Iran escalates attacks across Gulf energy hubs
Economy
Published on 24 April 2026
Europe’s inflation jump since 2022 follows the oil shock
Iran’s escalating strikes on Gulf energy infrastructure have pushed oil above $110 a barrel, including hits tied to Kuwait oil facilities and Abu Dhabi gas processing. The higher energy bill is quickly rippling into global markets, with Europe posting its sharpest inflation rise since 2022 while China’s factories face climbing input costs.
- Oil prices have jumped past $110 amid Gulf energy attacks
- Kuwait and Abu Dhabi energy infrastructure is directly affected
- Europe sees its steepest inflation increase since 2022
- China’s factory input costs are rising as energy gets pricier
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times