A sharp escalation in geopolitical tensions at the end of February triggered one of the fastest oil price rallies in recent years. Over the following five weeks — from February 28 to April 5 — benchmark crude prices rose from around $70 per barrel to $110–120, according to Reuters. This surge — equivalent to a $40–50 increase per barrel — temporarily put as much as 15–20 million barrels per day of glob...

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