"Iran has escalated its attacks aimed at generating enough global economic pain to pressure the United States and Israel to end the war, targeting oil fields and refineries in a handful of Gulf Arab countries. Iran's actions have effectively stopped cargo traffic through the narrow Strait of Hormuz, through which a fifth of all traded oil passes."
"Worries remain high that the war could block the production and transport of oil in the Persian Gulf for a long time, which in turn could cause a debilitating surge of inflation for the global economy."
"The centre of action was again in the oil market, where the price of a barrel of Brent crude, the international standard, got as high as $101.59 US overnight before pulling back to $99.35 US, which is still an eight per cent rise."
Escalating tensions in the Iran-Israel conflict are driving oil prices toward $100 per barrel, with Brent crude reaching $101.59 before settling at $99.35. Global stock markets declined sharply, including the S&P 500 down 0.8%, Dow Jones down 1.2%, and Nasdaq down 0.8%. Iran's strategic attacks on oil fields and refineries in Gulf Arab countries have effectively blocked cargo traffic through the Strait of Hormuz, which handles one-fifth of global traded oil. This disruption threatens severe inflation for the global economy. In response, the International Energy Agency released 400 million barrels from emergency reserves, while the U.S. planned to release 172 million barrels from its Strategic Petroleum Reserve to stabilize energy markets.
Read at www.cbc.ca
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