Oil prices jumped and fuel got more expensive. Here's why it affects almost everything.

Originally reported as: “Crude benchmarks surge on supply concerns, stoking inflation fears”

Global oil prices spiked over a short period, pushing up the cost of fuel at the pump and rippling through the wider economy. Oil is one of those inputs that touches almost everything, since it moves goods, powers factories, and feeds into the price of countless products. A sharp rise can add to inflation and squeeze household budgets, especially for anyone who drives or relies on delivered goods. Prices tend to move on shifting expectations about supply and demand around the world.