Oil Prices Soaring, Threatening Global Economy
US News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Saudi Arabia warns of potential $180 oil prices, pushing gas to $7 per gallon, as Iran conflict disruptions threaten global supply. Brent crude surges to $119, with millions of barrels per day off the market. Saudi Arabia reroutes oil, but demand concerns, recession fears, and shifts to alternative energy sources loom. Fed Chair Powell warns of growth slowdown and inflation. Natural gas also at risk, with attacks on Qatars LNG facility. Oil options markets see significant bets on prices reaching $130-$150. This energy crisis could reshape demand in the long term.
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