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Energy infrastructure emerges as war target, lifting prices
Major carriers have halted shipping through the Strait of Hormuz, disrupting about 15 million barrels per day and causing oil prices to spike over 13%, analysts said.
- On Monday, energy prices surged as Middle East fighting caused outages and emptied the Strait of Hormuz, including a drone attack on an Abu Dhabi terminal and a partial shutdown at Ras Tanura refinery.
- Since Saturday, attacks on Iran prompted energy operators, including Qatar's energy firm, to shelter ships and halt LNG production.
- Market data show that Brent futures rose above $82 early and finished at $77.74, while European natural gas surged over 64,399,999,999,999,949,378,472,082,152,566,452,656,391,788,430,749,143,396,371,136,512, and Rystad Energy estimated 15 million barrels per day could be lost.
- Eurasia warned that the Strait's disruption has severe implications for Europe's energy security and noted it could push the Brent per barrel price close to $100, as nations with strategic petroleum reserves may release volumes.
- The IEA notes about 80 percent of petroleum through the Strait of Hormuz serves Asian and European markets, with Oxford Economics projecting prices may reach nearly $80 in Q2 before easing back, amid uncertainty.
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Energy infrastructure emerges as war target, lifting prices
Energy prices surged Monday as the war in the Middle East led to outages of key energy production operations and a critical waterway was essentially emptied of traffic.
·Missoula, United States
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The latest armed conflict in the Middle East poses not only geopolitical but also serious global economic risks. Israel and the United States' strikes on Iran and the disruption of traffic in the Strait of Hormuz immediately shook the energy markets and once again raised the possibility of an energy crisis similar to 2022. According to analysts, the outcome of the war may determine whether there will only be temporary price fluctuations or wheth…
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Total News Sources34
Leaning Left4Leaning Right5Center7Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 25%
C 44%
R 31%
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