Oil prices climbed to around $93 per barrel on Thursday as stalled U.S.-Iran peace talks increased concerns about disruptions to energy supplies.

The increase is putting pressure on businesses and consumers because higher oil prices can raise transportation, manufacturing and operating costs across the global economy.

The rise in crude prices is particularly important for energy-intensive businesses, airlines, manufacturers and logistics companies.

When the cost of fuel increases, companies may face higher expenses and could eventually pass some of those costs on to consumers through higher prices.

The development has also affected financial markets. Reuters reported that higher oil prices, rising bond yields and concerns about government debt were weighing on U.S. stock-index futures on Thursday.

Investors are increasingly concerned that sustained energy-price increases could add to inflationary pressures.

For major energy companies, however, higher crude prices can increase revenue and profitability.

Oil producers may benefit from stronger selling prices, although the overall effect depends on production costs, demand and the wider geopolitical situation.

Businesses and investors will continue watching developments in the Middle East closely.

A prolonged period of high oil prices could affect corporate earnings, consumer spending and central-bank decisions around the world, making energy markets one of the key issues for the global economy.

Source: Reuters, The Guardian