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Oil’s relentless surge above $125 a barrel threatens to stoke inflation across Asia, forcing central banks to decide whether to respond to higher prices with tighter policy, or hold off amid the blow to economic growth.

As a net importer of energy, Asia is vulnerable to the oil price spike triggered by Russia’s invasion of Ukraine. And with more than 40% of global exports stemming from the region, any sustained price increases will ripple throughout the world.

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