Oil and gas price surge hits household budgets

Surging oil and gas prices are driving up household expenses worldwide, fueling inflation and pushing mortgage rates higher. Higher energy costs also impact grocery packaging, heating bills, and transport expenses.

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FILE PHOTO: A litre counter is seen during a heating oil delivery to a household amid rising heating oil prices during the ongoing U.S.-Israeli conflict with Iran, in Berlin, Germany October 2, 2026. REUTERS/Annegret Hilse/File Photo

Global crude prices surged to a five-month high of $110 a barrel, driving up household expenses from transport to heating across the United States.

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