Oil Prices Soar Amid Middle East Conflict
Adelaide News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Oil prices surge amid Middle East conflict, with experts predicting a ceiling of $150-$180 per barrel. The Strait of Hormuz, a crucial choke point, is currently holding twenty percent of global oil and gas hostage. Markets are betting on a quick US pullout and ceasefire, but economists warn that Iran and Israel might keep fighting, keeping prices high. Financial markets remain calm, but shipping is a nightmare, with costs to ship oil from the Middle East to China jumping four times higher. Refiners are cashing in big, while airlines face brutal hikes and global supply chains echo COVID chaos. Iran is floating a new idea to charge ships to pass the strait, which could ease the crunch and steady prices, but markets betting on easy fixes might get burned if the strait stays dicey.
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