"Oil prices have surged as the war, now in its second week, ensnares countries and places that are critical to the production and movement of oil and gas from the Persian Gulf."
"Roughly 15 million barrels of crude oil - about 20% of the world's oil - typically are shipped every day through the Strait of Hormuz, according to independent research firm Rystad Energy. The threat of Iranian missile and drone attacks has all but stopped tankers carrying oil and gas from Saudi Arabia."
"Bahrain's national oil company declared force majeure for its shipments after an Iranian attack set its refinery ablaze. The legal maneuver releases the company of contractual obligations because of extraordinary circumstances."
Oil prices surged dramatically as conflict in the Middle East escalated, with Brent crude reaching $119.50 and West Texas Intermediate hitting $119.48 per barrel before moderating. The war's expansion into its second week directly threatened critical oil infrastructure and shipping routes. Iran's attacks damaged desalination plants and refineries in Bahrain, while Israeli strikes targeted Tehran's oil facilities. Approximately 15 million barrels daily—20% of global oil supply—transit through the Strait of Hormuz, now threatened by Iranian missiles and drones. Prices stabilized somewhat after reports that Group of Seven nations considered releasing strategic petroleum reserves, though President Trump dismissed this option.
#oil-prices #iran-israel-conflict #energy-markets #middle-east-geopolitics #strategic-petroleum-reserves
Read at ABC7 Los Angeles
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