US EditionWar with Iran "Mother of All Scenarios" that Could Spike Oil Prices, Energy Expert Says
Strikes in Iran and blocked shipments through the Strait of Hormuz caused a 7% crude price jump, with effects expected to last several weeks, experts said.
- A roughly 7% jump in crude on Monday alarmed drivers and consumers in Cherry Hill, N.J., raising concerns about higher gasoline costs soon.
- Strikes in Iran halted refinery output and threatened regional energy infrastructure, while the Strait of Hormuz, handling roughly 20% of global oil flow, was blocked, disrupting shipments.
- Refinery seasonal shifts already added pressure, with about $7 per barrel move translating to 2 to 2.5 cents per gallon, and summer-blend gasoline rising 10 cents since February.
- Consumers are in a waiting game, and Shawkat Hammoudeh, professor of economics at Drexel University, said, `The consumer should go and fill their tanks because the price is going to go up. If not tomorrow, the day after.`
- Amid broader supply-chain disruptions, Jana Tidwell, AAA public affairs manager, warned that Strait compromises cause global ripple effects, natural gas prices rise after facilities in Qatar were struck, yet gas remains below the June 2022 $5 per gallon benchmark.
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11 Articles
The international geopolitical situation, with the war in Iran and the possible closure of the Strait of Ormuz, can trigger the price of crude oil in the coming days. Events that will immediately have an impact on the price of the liter of fuel of our cars. The difficult circumstances of the moment have already impacted on a significant drop in stock exchange values and the consequences on the price of crude oil have already been noted in a sign…
The impact at the pump of the conflict with Iran is immediate and could be brutal. The price of the Brent barrel of the North Sea, the international reference of black gold, has temporarily crossed the threshold of US $80 per barrel on Monday, and the prospect of a barrel of US$100 suddenly appears very real. At the pump, motorists might be surprised by the speed and magnitude of the increase in gasoline and diesel prices.
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