"Iran has shown that even when weakened, it is able to inflict major damage on the world economy. It has all but closed off shipping in the vital Strait of Hormuz, through which about 20 percent of the world's oil supply flows."
"The price of oil has spiked to well over $100 a barrel per the Brent crude international benchmark, well up from around $70 before the war, as fuel shortages start to bite around the world."
"Saudi officials are modeling various scenarios and what they could expect oil prices to be. They're looking at a variety of different things and we don't have insight into their models."
Over three weeks into the Iran War, President Trump has failed to meet his shifting objectives. Iran has managed to significantly impact the global economy by closing off the Strait of Hormuz, affecting 20% of the world's oil supply. Despite damage to its missile capabilities, Iran has targeted oil and gas facilities in the region using drones. Oil prices have surged to over $100 a barrel, with predictions of potential increases to $180 if the conflict continues. Experts are modeling various scenarios for future oil prices amid this crisis.
Read at Intelligencer
Unable to calculate read time
Collection
[
|
...
]