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Oil prices top $100 per barrel as big Middle East producers cut output amid Iran war
Missile and drone attacks have blocked about 20 million barrels of daily oil shipments through the Strait of Hormuz, pushing Brent crude above $100, analysts said.
- This past week, Brent crude climbed over $100 a barrel as global oil markets priced in a prolonged U.S.-Israeli war on Iran disrupting supply and shipping.
- Following the Feb. 28 strikes, Iran effectively closed the Strait of Hormuz, while attacks hit oil depots in Tehran and desalination plants, and Persian Gulf oil producers cut exports as storage fills.
- Shipping firms rerouted vessels, an estimated 200 tankers avoided the strait, and cargo war-risk insurers cancelled policies or raised premiums by 50%, while U.S. oil futures rose 17.2% to $106.57 and Brent crude gained 15.2% to $106.81.
- U.S. motorists face rising costs with pump prices likely to top $4 a gallon, and major airlines experience cancellations amid soaring oil above $100, while President Donald Trump downplayed releasing the Strategic Petroleum Reserve.
- Analysts at JPMorgan Chase project crude could hit $120 while Deutsche Bank warned of a $200 worst case as traders price in prolonged supply disruptions after last week's Strait closure.
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The partial cessation of traffic has forced producing countries such as Saudi Arabia, the United Arab Emirates, Kuwait and Iraq to reduce their production.
On Tuesday evening, the oil market calmed down appreciably. According to the announcement by US energy minister Christ Wright on X about the safe ... The post 82 dollars per barrel: Oil prices fall significantly on Tuesday appeared first on Apollo News.
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Total News Sources658
Leaning Left124Leaning Right67Center181Last UpdatedBias Distribution49% Center
Bias Distribution
- 49% of the sources are Center
49% Center
L 33%
C 49%
R 18%
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