Global oil prices remained elevated near $108 per barrel today as investors balanced continued Middle East geopolitical risks with a major week of global central bank decisions.

Reuters reported that Brent crude stayed firm as traders monitored the ongoing Iran conflict, restricted movement through the Strait of Hormuz, and upcoming policy meetings from the U.S. Federal Reserve and the Bank of Japan.

The Strait of Hormuz remains the single biggest risk point, handling roughly 20% of global oil and LNG flows, and any prolonged disruption threatens energy supply chains across Asia and Europe.

For businesses, elevated crude prices continue to drive higher transportation, aviation, and industrial costs. Import-heavy economies remain under the most pressure.

Economically, central banks now face a difficult balancing act: inflation remains sticky because of energy prices, while growth concerns are increasing.

Looking ahead, analysts expect volatility to remain high throughout the week, especially if diplomatic progress remains stalled and central banks signal delayed rate cuts.

Source : Reuters.