Oil Prices Soar as Middle East War Rages
Raleigh News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Oil prices soar as the war in the Middle East escalates, causing a global economic crisis. The Strait of Hormuz is the main choke point, with Iranian forces blocking twenty percent of the worlds crude oil and liquefied natural gas shipments. Markets plummet, with the S and P five hundred dropping one point five percent. Goldman Sachs warns that oil prices could exceed the two thousand eight peak if the strait remains closed. Global economies brace for prolonged high energy costs and uncertainty.
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