Oil and natural gas prices jump as strikes on Middle East production facilities escalate
CNN
Oil and natural gas prices spiked Thursday, as Iran ramped up strikes on energy infrastructure across the Middle East and attacked one of the world’s most important liquefied natural gas (LNG) facilities in Qatar.
Attacks on commercial ships in the Middle East this month have all but closed the vital Strait of Hormuz to oil tankers. One of the few alternative routes for oil exports from the region goes through the Red Sea. But now even that lifeline is in danger.
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Gas prices have skyrocketed due to the US-Israel war on Iran, putting even more financial strain on many Americans’ wallets.
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Traffic through the strait, normally the conduit for a fifth of global oil output, has been severely curtailed since the start of the Iran conflict. But Iran itself is shipping oil through the waterway in almost the same volumes as before the war, earning the cash needed to sustain its economy and war effort.
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The price of oil rose to its highest level since July 2022 Sunday evening as the Trump administration suggested the war with Iran could last several more weeks and President Donald Trump called on the international community for help reopening the Strait of Hormuz to oil tankers.
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The worst global oil crisis in decades could become a major problem for the Federal Reserve, whose policymakers meet this week to determine the next moves for the US economy.
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