"The conflict, in which nearly every country in the Middle East has sustained damage from missiles or drone strikes, has left ships that carry roughly 20 million barrels of oil a day stranded in the Persian Gulf, unable to safely pass through the Strait of Hormuz, the narrow mouth of the Gulf that is bordered on its north side by Iran."
"Oil prices surpassed $90 a barrel Friday, with American crude settling at $90.90, up 36% from a week ago, and Brent, the international standard, climbing 27% over the course of the week to land at $92.69."
"On Monday, President Donald Trump said that the U.S. expected its military operations against Iran to last four to five weeks but has 'the capability to go far longer.' And on Friday, Trump appeared to rule out talks with Iran absent its 'unconditional surrender.'"
"The more news we get, the more it seems like this is going to last a really long time, said Al Salazar, head of macro oil and gas research at Enverus."
Following major U.S. and Israeli military operations against Iran, oil prices surged dramatically with American crude reaching $90.90 per barrel, up 36% in one week, and Brent crude climbing 27% to $92.69. The widening Middle East conflict has damaged critical oil and gas infrastructure and blocked approximately 20 million barrels of daily oil shipments from safely transiting the Strait of Hormuz. This supply disruption is driving up consumer prices for gasoline, diesel, and jet fuel. President Trump indicated military operations could last four to five weeks but possess capability for extended duration, with talks with Iran ruled out absent unconditional surrender. Industry analysts expect prolonged conflict, further pressuring energy markets and household budgets.
Read at Fortune
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