US EditionUS Gas Prices Surge After Recent Military Strikes in the Middle East
Iran-linked missile strikes have reduced tanker traffic in the Strait of Hormuz by 70%, pushing Brent crude oil prices up 13% to $86 a barrel, heightening fears of global supply shocks.
- On Monday, missiles and projectiles struck tankers near the Strait of Hormuz, disrupting traffic and pushing Brent crude up to $86 a barrel.
- After U.S. and Israeli strikes over the weekend, Iranian military and advisers warned passage was unsafe and signaled closure, while the Islamic Republic has threatened closure before but never fully carried one out.
- The strait narrows to about 33 kilometres, and about 20 million barrels per day pass through the Strait of Hormuz, while insurance carriers raised rates by 50%.
- As a result, markets braced for higher inflation as oil’s surge prompted sell‑offs in U.S. Treasuries and Canadian bonds, while AAA reported gasoline at $3.109 a gallon on March 3.
- Modeling and analysts warn that a prolonged Strait of Hormuz closure could severely disrupt supply, with Wood Mackenzie comparing it to 1970s shocks and Citigroup noting a 20% chance of $120 oil, according to Monday's note.
64 Articles
64 Articles
Harger: Seattle gas prices hit $4.62 a gallon. Idaho is paying $3.15. That difference didn't come from Iran
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Global oil and gas prices soar
Tankers off the coast of the city of Fujairah, in the United Arab Emirates, on Wednesday. Photo: Reuters Global oil and gas prices have jumped as the US-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.
President Trump Promises To Protect The Shipping Lanes As Oil Prices Surge And Iran Targets Middle Eastern Oil Producers
By Robert Romano Light sweet crude oil surged to a high of $78 before slipping back to $73, and Brent crude oil to $81 before dropping back to $78, in trading on March 3, as markets attempted to price in supply shocks from the U.S.-Israeli war in Iran. The price volatility comes as Tehran has used drones, fighter jets and missiles to target oil and gas facilities and other targets in the region. Already, the Ras Tanura oil refinery in Saudi Arab…
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