Oil prices are very high now. They are more than $120 for one barrel. This makes people worry about the economy. Experts think the economy will be bad. This is called stagflation. Stagflation means prices go up and the economy grows slowly.
Oil prices went up a lot. West Texas oil is over $110. Brent crude is over $114. This is because of problems in some countries. These problems stop oil from coming to us. Ships also have trouble in the Strait of Hormuz. This is a big place for oil.
Leaders from 32 countries met. They want to help lower oil prices. They might take oil from special stores. This will help the market. Big countries will also talk about the economy.
New problems with oil places and ships made this happen. Some oil countries make less oil. This makes the problem worse. Smoke was seen at a place in Bahrain.
A boss named Nigel Green said the world has stagflation. He said it is when prices are high and the economy is slow. This makes things costly. Stock markets in Asia are already down.