How High Could Oil Go, and What Might the Global Economic Fallout Be?

How high could oil go, and what might the global economic fallout be?

There is talk of crude surpassing its record high of 2008 with potentially dire effects for consumers and businesses Fears over the global economy have been stoked by the oil price soaring past $100 a barrel as a result on the US-Israel war with Iran. Economists say the increasing likelihood of a prolonged conflict in the vital energy exporting region could have serious consequences for living standards around the world amid the threat of a rene…

Iran war panic buying pushes oil prices to four-year peak

Buyers scramble for supplies Hopes IEA will release reserves Kuwait and Iraq cut production Oil prices surged to four-year highs on Monday as production shut-ins linked to the near-closure of the Strait of Hormuz sent buyers scrambling to secure supplies. The spiralling conflict triggered panic buying on crude markets, say analysts, after Iran all but halted oil and gas tanker transit through the Strait of Hormuz and struck civilian and military…

Airline shares battered as oil prices spike, Iran tensions intensify

Since Feb 28, when the US-Israeli tensions with Iran started, through March 8, more than 37,000 flights to and from the Middle East were cancelled The post Airline shares battered as oil prices spike, Iran tensions intensify appeared first on Gulf Business.