"Qatar, a key source of natural gas for world markets, said firefighters put out a blaze at the Ras Laffan LNG facility after it was hit by Iranian missiles. Production had already been halted there after earlier attacks."
"Middle East exports and production collapse, removing about seven to 10 million bpd of global supply. As a result, the S&P 500 is down another 0.9%, or 60 points. The SPDR S&P 500 ETF (SPY) is down 0.9%, or by $6."
"I don't think this is an economy that is going to be able to handle $100 a barrel for oil, it's just not. The economy is weaker than we thought it was, and inflation is worse than we thought it was."
Intensifying U.S.-Iran tensions are driving crude oil prices higher, with crude reaching $97.30 and Brent crude at $112 following Iranian attacks on Gulf oil and gas facilities, including a Saudi refinery and Qatar's Ras Laffan LNG facility. The conflict threatens to remove 7-10 million barrels per day from global supply, raising prospects of $200 oil. Stock markets decline significantly: S&P 500 down 0.9%, Dow down 0.73%, Nasdaq down 1.13%. Safe-haven assets like gold and silver fall due to inflation fears, with gold dropping $322 to $4,569. Central banks monitor developments amid concerns about energy shocks and inflationary pressures. Economists warn current economic conditions cannot sustain $100 barrel oil.
#oil-prices-and-energy-markets #us-iran-conflict #stock-market-decline #inflation-concerns #global-supply-disruption
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]