Oil tops $100 again despite historic release of reserves as war with Iran rages
CNN
Oil prices surged past $100 per barrel again overnight, three days after it hit a four-year high, as the US and Israel’s war with Iran continues to have a historic impact on global fuel supplies.
Brent crude oil prices shot up as the US and Israeli war against Iran disrupted oil supplies in the Middle East. CNN’s Word of the Week asks: How did the benchmark barrel of oil get the name “Brent”?
Annual inflation was unchanged last month at 2.4%, according to the latest Consumer Price Index, released Wednesday.
Global oil prices have fallen well below their recent peak. But don’t expect to see relief at the pump in the coming days.
Oil prices rebounded Wednesday, as worries about a prolonged supply disruption in the Strait of Hormuz outweighed a report of a potential record release of oil reserves.
President Donald Trump has a sales pitch for Americans worried about high oil and gas prices: Rising fuel prices are a temporary but necessary sacrifice, and they will fall quickly back to earth once the war with Iran is done.
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Oil prices fell sharply Tuesday after US President Donald Trump said the war with Iran would be over “very soon,” though they remain volatile and well above their levels before the conflict started.
Economists warn that the war has increased the risk of a recession. And the longer the crisis lasts, the greater the danger to an economy that already looked vulnerable before the chaos in the Middle East.
Investors rattled by the war in Iran have sent oil prices skyrocketing – and global governments have noticed. The world’s biggest economy are reportedly considering emergency releases of millions of barrels of oil into the market.
Investors have long viewed the closure of the Strait of Hormuz as a “tail risk” event — the kind of thing that was highly unlikely to happen but would be so catastrophic that you can’t afford to be unprepared for it. As black swans go, Hormuz closing for weeks or months could be an economic disaster on par with a global pandemic.
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Stocks fell and oil prices traded above $100 per barrel Monday as investors grappled with a potential energy crisis caused by the war with Iran.