Source: Fortune.com
Summary
Oil prices surged near $120 per barrel before moderating after reports that G7 nations may release strategic oil reserves to alleviate pressure on the markets. The Iran war has disrupted oil production and shipping in the Middle East, with Bahrain accusing Iran of striking a desalination plant and an oil refinery complex. The war has also led to a surge in fuel prices, with the average price of a gallon of regular gasoline in the US rising to $3.48. The price of natural gas in the US has also climbed during the war. The G7 nations are considering releasing strategic oil reserves to stabilize the markets.
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Oil prices surge as the Iran war intensifies, with Brent crude reaching $119.50 per barrel. The war has disrupted oil production and shipping in the Middle East, with Bahrain accusing Iran of striking a desalination plant and an oil refinery complex. The G7 nations are considering releasing strategic oil reserves to stabilize the markets. French President Emmanuel Macron says the use of strategic reserves is an “envisaged option.” The war has also led to a surge in fuel prices, with the average price of a gallon of regular gasoline in the US rising to $3.48.
The announcement sounds familiar: a war in the Middle East, surging oil prices, and a scramble for strategic reserves.
Author: Evan Null
