Iran attacks, shipping disruptions drive oil prices over $100
Oil prices surpassed $100 a barrel as the conflict in the Middle East triggered the largest oil supply disruption in history, according to the International Energy Agency. Iran’s attacks on energy infrastructure and shipping in the Persian Gulf, including strikes in Dubai, Iraq, and Oman, are effectively blocking crucial waterways like the Strait of Hormuz. The escalating attacks, now nearing the two-week mark, aim to pressure the United States and Israel to end the war. Iraq has paused operations at its oil ports, and Oman has evacuated ships from its main export terminal. Despite a historic release of emergency crude reserves, markets remain volatile. Brent crude has settled above $100 for multiple sessions, reaching levels not seen in over three years, with a 40% surge since the conflict began. The IEA has slashed its oil supply growth forecast, noting the disruption impacts 7.5% of global supply. Energy markets are on edge, bracing for prolonged turmoil as Iran continues targeting commercial ships and laying mines, squeezing international energy markets. The conflict’s consequences are expected to ripple through the global economy long after any potential resolution.
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