Crude oil prices spike near $120 a barrel as the Iran war impedes production and shipping
Newsy
Oil prices spiked near $120 per barrel before falling back Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets.
Oil prices spiked near $120 per barrel before falling back Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets.
The price for a barrel of Brent crude, the international standard, surged to $119.50 per barrel early in the day but later was trading near $105 per barrel.
West Texas Intermediate, the light, sweet crude oil produced in the United States, spiked at $119.48 per barrel but fell back to $102 per barrel.
The war’s toll on civilian targets grew as Bahrain accused Iran of striking a desalination plant vital to drinking water supplies. Bahrain's national oil company declared force majeure for its shipments after an Iranian attack set its refinery refinery ablaze. The legal maneuver releases the company of contractual obligations because of extraordinary circumstances.
RELATED STORY | Bahrain says Iran hit a desalination plant, stoking fears of attacks on civilian sites
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Iran’s Gulf attacks halt oil flow, push crude past $100, and drive U.S. gas prices up 54¢ in a month amid escalating Middle East war.