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Brent crude oil tops $100 a barrel as Iran attacks on shipping worsen supply concerns
Iran's attacks on shipping and energy infrastructure near the Strait of Hormuz caused Brent crude to rise over 38% since the war began, despite the largest emergency oil reserve release ever.
- This week Iran escalated attacks on commercial shipping and energy infrastructure, striking Iraqi territorial waters and two tankers, briefly pushing crude above $100 a barrel.
- In response to U.S. and Israeli strikes, Iran says it stepped up attacks on energy infrastructure and shipping, while the United Nations Security Council condemned these as a 'breach of international law' and Gulf states reported missile threats.
- The International Energy Agency announced a record 400 million-barrel release, including 172 million from the U.S. Strategic Petroleum Reserve, despite Brent futures surging 10% on Thursday.
- One immediate consequence has been ports and terminals halting operations after attacks near Iraq, with one person killed and 8 crew members rescued, according to Iraqi officials.
- Analysts say the conflict will slash global oil supply by 8 million barrels a day this month, and Goldman Sachs forecasts Brent at $98, with potential to surge to $110 if Strait of Hormuz flows are disrupted.
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Star Local
Star LocalOil surges, stocks retreat on fears of prolonged Iran war
Oil prices jumped Thursday with Brent crude settling above $100 a barrel for the first time since August 2022, as Iran vowed to make the United States regret launching its war against the country.
·Rutherford County, United States
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Buffalo News+8 Reposted by 8 other sources
Oil jumps to $100 per barrel and stocks sink worldwide with no clear end in sight for the Iran war
Worries about the war with Iran are sending oil prices back to $100 per barrel and stocks sinking worldwide. The S&P 500 fell 1.1% Thursday and returned to big swings following a couple days of relative calm. The Dow Jones…
·Buffalo, United States
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Coverage Details
Total News Sources332
Leaning Left50Leaning Right49Center114Last UpdatedBias Distribution54% Center
Bias Distribution
- 54% of the sources are Center
54% Center
L 23%
C 54%
R 23%
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