Are we facing an oil shock? 5 signs from across the world that indicate so

Over the past 11 months, Brent crude is up 62 per cent and West Texas Intermediate has risen 46 per cent - but does that constitute an oil shock?

If it looks like a duck, swims like a duck, and quacks like a duck, it’s probably a duck. And right now, this duck is looking a lot like an oil shock:

• In Brazil, a strike by truckers protesting the price of fuel brought the economy to a halt over the past week, interrupting exports of soybeans, coffee and chicken and prompting some to call for a return to military dictatorship;

• In India, prices for diesel and gasoline have hit multi-year records, leading to demands for the government to cut taxes and for a price cap to be imposed on state-controlled Oil