"The conflict has already led to the suspension of about a fifth of global crude oil and natural gas supply. The United States-Israeli war on Iran could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the conflict, which is now in its eighth day, ends quickly, as suppliers grapple with damaged facilities, disrupted logistics, and elevated risks to shipping."
"The market is shifting from pricing pure geopolitical risk to grappling with tangible operational disruption, as refinery shutdowns and export constraints begin to impair crude processing and regional supply flows, JP Morgan analysts said earlier this week, according to the Reuters news agency."
"Global oil prices have surged by more than 25 percent since the start of the war, driving up fuel prices for consumers worldwide. The national average petrol price reached $3.41 per gallon ($0.9 a litre) on Saturday, according to the American Automobile Association (AAA), rising by $0.43 over the past week."
A US-Israeli military conflict with Iran has disrupted approximately one-fifth of global crude oil and natural gas supplies, causing oil prices to surge more than 25 percent. The national average petrol price in the US reached $3.41 per gallon, rising $0.43 in one week. Goldman Sachs projects oil could exceed $100 per barrel if shipping disruptions persist. US crude oil achieved its largest weekly gain since 1983, settling just below $91 per barrel. Market analysts indicate the focus has shifted from geopolitical risk pricing to addressing tangible operational disruptions, including refinery shutdowns and export constraints. Iran's targeting of ships in the Strait of Hormuz and attacks on regional energy infrastructure have forced major oil producers—Saudi Arabia, UAE, Iraq, and Kuwait—to suspend shipments of approximately 140 million barrels daily.
Read at www.aljazeera.com
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