Oil Prices Soar Amid Iran War, Global Economy at Risk
Birmingham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Oil prices soared to nearly $120 per barrel amid the escalating war in Iran, before dropping back. Brent crude hit $119.50, while West Texas Intermediate peaked at $119.48. The conflict threatens key oil production and shipping routes in the Middle East. Infrastructure damage, including Bahrains desalination plant and refinery, has led to production cuts in Iraq, Kuwait, and the UAE. China and South Korea are urging an end to the fighting to protect their oil imports. Higher energy costs are fueling inflation and dragging down stock markets, with analysts warning that prices above $100 per barrel could strain the global economy.
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