Oil prices rise sharply after attacks in Middle East disrupt global energy supply
Headline from WHEC Rochester, on the newest of 2 developments
Oil prices have jumped as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf send disruptions through the global energy supply chain.
WHEC Rochester's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Oil prices have jumped as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf send disruptions through the global energy supply chain.
Oil prices surged late Sunday as the Iran conflict escalates following strikes that killed Supreme Leader Ali Khamenei, with Brent crude briefly hitting $82.37 per barrel.
The high prices came as U.S. and Israeli attacks on Iran and retaliatory strikes against Israel and U.S. military installations around the Gulf sent disruptions through the global energy supply chain.
Oil prices surged above $80 as U.S. and Israeli strikes on Iran disrupted tanker traffic through the Strait of Hormuz and injected a fresh geopolitical risk premium into global energy markets.
Traders are betting the supply coming from Iran and elsewhere in the Middle East will slow down or stop after the U.S. and Israeli military began hammering Iran with missile strikes over the weekend.
Global oil prices are in the high $70s as traffic through Strait of Hormuz comes to a halt. Some analysts have warned they could top $100 a barrel if the stoppage is prolonged.
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