New Delhi, May 27 -- Persistently high crude oil and fuel prices may eventually weaken global demand and become the next phase of the ongoing oil shock triggered by geopolitical tensions in West Asia, according to a report by PL Capital.

The report stated that the current global energy crisis, triggered by the West Asia conflict that began on February 28, is now entering a phase where elevated prices may start reducing consumption across sectors and economies.

"What began as a supply-driven price spike can eventually evolve into a demand-led correction," it stated.

According to the report, rising prices of crude oil, petrochemical feedstocks, intermediates and fertilisers are likely to remain elevated for longer due to the prolonged un...