US EditionWill the Strikes in Iran Raise Gas Prices?
Strikes disrupted tanker traffic through the Strait of Hormuz, raising oil prices by up to 8.8% and increasing pump prices toward $3 per gallon, analysts said.
- On Saturday, U.S. military and Israeli military strikes on Iran triggered sharp oil market moves, with U.S. crude trading 8% higher at $72.40 and Brent rising to $79.30 amid tanker disruptions.
- The Strait of Hormuz, through which about 20% of global oil transits, is called `the most critical oil chokepoint in the world` by Jorge Leon, senior vice president at Rystad Energy.
- Data firms Kpler and the U.K. Maritime Trade Operations Centre said tanker traffic dropped sharply, more than 150 commercial vessels dropped anchor, and at least one tanker was struck.
- Early Monday, gas prices are set to rise as oil increased $6 per barrel and wholesale gasoline up 11 cents, GasBuddy analyst Patrick De Haan said, `I fully expect that by Monday night, you could credibly say that gas prices are being impacted by oil prices having gone up`.
- Analysts caution that sustained disruption could push prices past $80 as Dr. Jack Buffington warned, `There's potential for oil prices to go up to $100 a barrel,` adding `What matters is what the financial and insurance markets will accept as risk.
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US Will Take Action to Mitigate Oil Price Spike for Americans: Rubio
WASHINGTON — The United States will take action to mitigate rising energy prices due to a spike in the price of oil caused by the Iran conflict, Secretary of State Rubio said on Monday. Speaking to reporters at Capitol Hill, Rubio said Treasury Secretary Scott Bessent and Energy Secretary Chris Wright would announce the plans on Tuesday. “Starting tomorrow, you will see us rolling out those phases to try to mitigate against that … We anticipated…
US Will Take Action to Mitigate Oil Price Spike for Americans, Rubio Says
REUTERS—The United States will take action to mitigate rising energy prices due to a spike in the price of oil caused by the Iran conflict, U.S. Secretary of State Marco Rubio said on Monday. Speaking to reporters on Capitol Hill, Rubio said Treasury Secretary Scott Bessent and Energy Secretary Chris Wright would announce the plans on Tuesday. “Starting tomorrow, you will see us rolling out those phases to try to mitigate against that … We antic…
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