Higher oil prices raise the prospect of costlier gas as well as increased prices for other goods when people in many countries have been stung by inflation.
Warner's board announced that Paramount's latest offer to buy the entire company for $31 per share was superior to the agreement it had previously struck with Netflix.
Paramount has raised the price of its takeover offer to $31 per share, potentially setting the stage for a fresh bidding war with Netflix over the future of the Hollywood giant.