"The International Energy Agency said last week the war has caused the largest oil market disruption in history, and that global oil supply will drop by 8 million barrels per day in March."
"Much of the instability in the oil market stems from the near-closure of the Strait of Hormuz, which Iran controls and through which about 20% of the world's petroleum passes."
"For Americans, surging oil prices mean spending more at the pump. The national average price for gasoline hit $3.69 on Sunday. Gas prices have surpassed $3 in all 50 US states for the first time since 2023."
Oil futures climbed significantly on Sunday as the US and Israel's conflict with Iran entered its third week. Brent crude reached $106.33, while West Texas Intermediate hit $101.19. The near-closure of the Strait of Hormuz, through which 20% of global petroleum passes, continues disrupting supply chains. The International Energy Agency reported this represents the largest oil market disruption in history, with global supply expected to drop 8 million barrels daily in March. US gasoline prices hit $3.69 nationally, surpassing $3 in all 50 states for the first time since 2023. Military actions targeting Iranian oil infrastructure, including refineries on Kharg Island, further pressure prices. US officials acknowledge monitoring energy prices closely while seeking international cooperation to secure shipping routes.
Read at Business Insider
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