US EditionOil prices top $100 per barrel as big Middle East producers cut output amid Iran war
Major Gulf producers cut output and tanker traffic halts at Strait of Hormuz, stranding 20 million barrels daily and pushing Brent crude above $114, analysts said.
- Oil prices surged above $100 per barrel due to the Iran war disrupting production and shipping in West Asia, with Brent crude reaching $107.97 and West Texas Intermediate about $106.22.
- Major Middle East oil producers like Iraq, Kuwait, and the UAE cut production as storage tanks filled amid export difficulties, while attacks on oil infrastructure by Iran, Israel, and the United States worsened supply concerns.
- The nearly closed Strait of Hormuz, a key oil shipping route through which about 20% of the world's oil usually passes daily, severely hindered tanker traffic due to threats of missile and drone attacks.
- The rise in oil prices caused U.S. gasoline prices to increase by about 47-50 cents per gallon, contributing to inflation worries and prompting various countries to seek alternative energy sources to ensure security.
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654 Articles
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.
Middle East War Could Trigger Another Venezuelan 'Feast of Plenty' Fueled by Oil Prices, Analyst Claims
The war in the Middle East could deliver Venezuela another surge in oil revenues as global energy markets react to fears of supply disruptions, potentially repeating a cycle in which geopolitical crises drive higher crude prices and increased inflows of petrodollars.
Gimme fuel, hold the fire: How Europe can safeguard its energy security against Gulf shocks – European Council on Foreign Relations
Cover image: picture alliance / SIPA | Sasan/MEI The American and Israeli war against Iran has propelled oil above $119 a barrel this week—prices not seen since Russia’s full-scale war on Ukraine in 2022. Bahrain, Iraq, Kuwait, Saudi Arabia and the United Arab Emirates have all cut production because of damage or logistics constraints that limit their ability to transport crude to international markets. This has removed an estimated 6.2m-6.9m ba…
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