Global oil prices surge above one hundred dollars amid Iran conflict

Trump ally warns US economy cannot withstand Iran war-driven oil spike

The prolonged US-Isreal war with Iran is exerting mounting pressure on oil prices, US inflation and the broader economy. A US economist and ally of President Donald Trump has warned that the American economy is not strong enough to withstand a surge in oil prices.

As war in Iran roils energy markets, Europe pays price of ‘dependency’

Europe woke on Thursday to another energy shock, as military attacks on critical infrastructure in Qatar and Iran sent oil and gas prices across the continent soaring to levels unseen since Russia’s invasion of Ukraine in 2022. The continent’s benchmark natural gas price, the Dutch TTF, climbed above €70 (US$80) per megawatt hour in Thursday morning trading – its highest level since December 2022, though still well below the more than €300 peak reached in the summer of 2022. Brent crude surged...

If the Iran war takes oil above US$120 a barrel, how bad could the shock get?

With the US-Israel war on Iran entering its third week, the world faces the risk of a more severe oil shock as military strikes expand to major energy infrastructure, heightening fears of a prolonged conflict. In this explainer, the South China Morning Post examines the latest developments and factors driving oil price volatility and assesses the potential impact on the global economy. Energy infrastructure: what is the latest? An Israeli air strike hit energy facilities on Wednesday at Iran’s...

Gas prices surge 25% as Middle East conflict ‘spooks the markets’; airlines warn of higher fares as oil jumps 10% – business live

Attacks on South Pars and Ras Laffan, and Donald Trump’s threat to “massively blow up” the world’s largest gasfield, all hit markets UK wage growth slows sharply as unemployment holds steady Fed holds interest rates steady as Iran war drives up oil prices and inflation fears Middle East crisis live: Trump threatens to ‘blow up’ entire South Pars gasfield if Iran strikes Qatar European stock markets have dropped sharply at the start of trading, hit by worries about surging energy prices. In London, the FTSE 100 blue-chip share index has tumbled by 162 points, or 1.6%, to 10,142 points. “Fears of a sustained energy shock have resurfaced after the escalation in the Iran war sent oil and gas prices soaring. The prospect of a longer, more drawn-out conflict is in sharp focus, as both sides ratchet up attacks on energy infrastructure. Brent crude remains highly volatile but has traded as high as $114 a barrel today, threatening to climb back towards recent scorching levels. Gas prices have surged by 25%, reaching a range not seen since early January 2023. The Company is ready to restart production and exports quickly with an improvement in the security environment. Continue reading...

First Thing: Trump threatens to ‘blow up’ all of Iran’s South Pars gasfield if Tehran strikes Qatar

The move would be a major escalation in the US-Israel war against Iran. Plus, FBI director admits to buying data tracking Americans’ locations Good morning. Donald Trump threatened to “massively blow up” the world’s largest gasfield after Israeli strikes on Iran’s South Pars field led Tehran to take revenge on energy facilities across the Middle East. What’s happening to oil and gas prices? Brent crude rose by 8% to $116 a barrel. European gas prices jumped, with the Dutch wholesale gas price up 24%. What do we know about the war’s economic cost? The war cost the US $12.7bn by day six – the total is likely to have now exceeded $18bn. Here’s a visualization of how that has been spent. Could US-Israeli attempts to take out Iranian leaders backfire? Some analysts think so. “It is not an approach that produces Jeffersonian democrats but hardened resistance fighters. It breeds more resistance,” said Sanam Vakil, an Iran expert at Chatham House. Follow our live coverage here. Who has spoken out? Labor rights activist and co-founder of the UFW Dolores Huerta, 95, released a statement on Wednesday saying: “I have kept this secret long enough. My silence ends here.” The report also includes the stories of two women, who were daughters of organizers in the movement, who said they were children when the grooming and abuse began. Continue reading...

US/Israel-Iran War (Day 20): War threatens global gas supply

The Brent crude oil benchmark rose to $112 a barrel in early Thursday trade. The post US/Israel-Iran War (Day 20): War threatens global gas supply appeared first on Premium Times Nigeria.

Iran war prompts global energy rethink that favours China

Oil prices surged about 10 per cent and Chinese stocks fell on Thursday as widening conflict in the Middle East created new concerns about global energy supplies. Brent crude, the global benchmark, touched US$117 a barrel, having risen 60 per cent since the US and Israel first attacked Iran on February 28. Hong Kong’s Hang Seng Index and the mainland CSI 300 both fell about 2 per cent. Prices of crude oil and gas jumped after Israel bombed Iran’s huge South Pars gas field and Iran responded by...

US seeks to curb soaring petrol prices

The Trump administration is taking steps to curb rising energy costs, as it continues to wage war in the Middle East. The US is easing sanctions on Venezuela, and suspending a century-old shipping law, in an effort to get more oil supplies into the global market. Oil prices continues to rise, with crude topping $109 per barrel, as Gulf energy infrastructure was targeted by strikes. Also in the show - the UN's maritime agency seeks safe passage for sailors trapped by the conflict.

Oil prices surge after Israeli strike on Iran’s South Pars gasfield

There are fears that a period of elevated oil and gas prices could trigger a damaging wave of global inflation.

Oil prices jump 5% after Iran threatens to attack Middle East energy facilities