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Dallas Oil CEO Says Gas Prices Could Hit '$5 or $6' per Gallon Due to US, Israeli War with Iran
Military conflict in the Middle East has disrupted tanker traffic through the Strait of Hormuz, risking 20% of global oil supply and pushing U.S. crude prices over $90 per barrel.
- On Friday, U.S. crude topped $90 per barrel as the West Texas Intermediate benchmark surged over 11% since Thursday, reaching levels unseen since September 2023.
- Nearly all tanker traffic through the Strait of Hormuz has halted after U.S. and Israel's military action against Iran began on Thursday, disrupting 20 per cent of global oil supplies.
- Qatar energy minister Saad Sherida al-Kaabi warned Gulf producers could shut down oil production within days, while U.S. Energy Secretary Chris Wright said the surge will last 'weeks, not months'.
- Markets reacted swiftly, pushing crude sharply higher as U.S. crude prices leapt by US$20 per barrel in just under a week, rising from just under $73 a week ago.
- Experts warn that, with Gulf exports at risk, analysts note Canada's limited ability to get energy to market from the Strait of Hormuz, which carries oil from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE, and Iran.
42 Articles
42 Articles
Oil prices have reached unprecedented peaks since 2023, driven by fears of a paralysis of oil flows from the Gulf.
From the beginning of the week about +20% for the price of the fuels, possible increase of 300 euros for the family bills, plane tickets previewed in rise, food expense on 40 euros in March. Eye to the ECB on the rates.The oil could rise to 150 dollars per barrel within a few weeks if the Strait of Hormuz remained closed, warns the minister of the Energy of Qatar. The traffic of oil tankers has collapsed from 138 ships per day to only two, while…
US-Israel vs Iran War: Crude Oil Prices Cross USD 90 per Barrel on Indications West Asia Conflict May Get Prolonged
Crude oil prices shot up sharply, reportedly after the US President Donald Trump sought what he called "unconditional surrender" from Iran, intensifying worries about a prolonged conflict that could disrupt global energy supplies. Crude Oil WTI Futures were 12.2 per cent up at USD 90.90 at the time of filing this report. US-Israel vs Iran War: Crude Oil Prices Cross USD 90 per Barrel on Indications West Asia Conflict May Get Prolonged.
Fox Business
The New York LedgerGas prices surge as Iran conflict rattles global oil markets, pushing US crude above $90
Gas prices climbed higher Friday as the conflict with Iran continued to roil global energy markets, pushing crude oil sharply upward and raising concerns about fuel supplies.The national average price for regular gasoline rose to $3.32 per gallon Friday, up from $3.25 Thursday and $2.98 a week ago, according to AAA. Analysts say the increase reflects a surge in crude oil prices as geopolitical tensions intensify in the Middle East.U.S. crude set…
U.S. gas prices jump again as oil tops $90 for first time in years
Gasoline prices in the United States jumped again Friday, the latest in a series of increases that has pushed up the price of a gallon by 34 cents, or about 11%, since the start of the war led by the United States and Israel against Iran. The average price of unleaded gas hit $3.32 per gallon on Friday, the highest since September 2024, according to the AAA motor club. A surge in oil prices suggests that prices at the pump may continue to rise. …
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