Oil price surge revives Wall Street fears of 1970s-style stagflation

Oil prices rose to $119.84 per barrel–the highest since 2012–on Thursday before giving up a few dollars per barrel. US crude stockpile’s decline to multi-year lows also aided the rise of oil, which has gained nearly $20 per barrel in a week since Russia sent its troops into Ukraine.

In the international market, gold was trading higher at USD 1,932 an ounce and silver was flat at USD 25.40 an ounce.