Iran war threatens prolonged impact on energy markets as oil prices rise
Al Jazeera
The conflict has already led to the suspension of almost a fifth of global crude oil and natural gas supply.
The United States-Israeli war on Iran could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the conflict, which is now in its eighth day, ends quickly, as suppliers grapple with damaged facilities, disrupted logistics, and elevated risks to shipping.
The outlook poses a global economic threat and a political vulnerability for US President Donald Trump leading into the midterm elections, with voters sensitive to energy bills and unfavourable to foreign entanglements.
Global oil prices have surged by more than 25 percent since the start of the war, driving up fuel prices for consumers worldwide.
The national average petrol price reached $3.41 per gallon ($0.9 a litre) on Saturday, according to the American Automobile Association (AAA), rising by $0.43 over the past week. Goldman Sachs warned oil prices could climb above $100 per barrel if shipping disruptions continue.
The US crude oil settled at just below $91 per barrel on Friday – its largest weekly gain on record in data dating back to 1983, indicating prices could continue to rise.
Iranian Kurdish armed groups have reportedly consulted with the US in recent days about whether to attack Iran.
US president says on a scale of one to 10, he would rate the war’s success at 15, as Iran details civilian sites hit.
A funeral for the country’s Supreme leader Ayatollah Ali Khamenei has been postponed amid explosions.
Tens of thousands have fled their homes in Lebanon’s south as Israel issues forced evacuation order for entire area.
UN migration agency warns that escalating violence on Afghanistan-Pakistan border risks further displacement.
Such a plan could further destabilise Iran rather than promote peace in the country, experts say.
Iranian retaliatory strikes continue with drone and missile attacks as conflict spreads through Gulf nations.
Gulf states face an impossible choice after Iranian attacks: remain passive, or risk being seen as fighting with Israel.
Hezbollah says its attack is in response to the killing of Iran’s Khamenei and ‘in defence of Lebanon and its people’.
President Masoud Pezeshkian condemns killing of Iran’s supreme leader as ‘a great crime’, according to his office.
Iran confirms targeting US bases across the Middle East.