War with Iran Costs US $11B, Oil Prices Surge
Oakland News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
The war with Iran has already cost the U.S. eleven billion dollars, with five billion spent on munitions in the first weekend. The administration may seek an additional fifty billion, but Congress doesnt expect a request this month. Oil prices surged five percent as Irans attacks on shipping and oil facilities in the Gulf shut down the Strait of Hormuz, handling one fifth of global traded oil. The International Energy Agency released four hundred million barrels from emergency stockpiles, the largest ever, and the U.S. plans to draw one hundred seventy-two million barrels from its Strategic Petroleum Reserve next week. However, the wars economic impact is still unfolding.
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