"The conflict, in which nearly every country in the Middle East has sustained damage from missiles or drone strikes, has left ships that carry roughly 20 million barrels of oil a day stranded in the Persian Gulf, unable to safely pass through the Strait of Hormuz, the narrow mouth of the Gulf that is bordered on its north side by Iran."
"Oil prices surpassed $90 a barrel Friday, with American crude settling at $90.90, up 36% from a week ago, and Brent, the international standard, climbing 27% over the course of the week to land at $92.69."
"Kuwait, for example, said on Saturday that it would reduce its oil production as a "precautionary" measure due to the war, which could jolt global energy markets even further."
Following major U.S. and Israeli attacks on Iran, oil prices surged dramatically, with American crude reaching $90.90 per barrel (up 36% weekly) and Brent crude climbing to $92.69 (up 27% weekly). The regional conflict has damaged infrastructure and blocked approximately 20 million barrels daily from safely transiting the Strait of Hormuz. Key producers like Kuwait announced precautionary production cuts, further pressuring global energy markets. Rising oil prices are translating directly to increased consumer costs for gasoline, diesel, and jet fuel. Military operations are expected to continue for four to five weeks, with potential for extended duration.
#oil-price-surge #middle-east-conflict #energy-supply-disruption #strait-of-hormuz #global-energy-markets
Read at ABC7 Los Angeles
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