☮ ♥ ♬ 🧑💻“Iran, Israel and the U.S. have all struck #oil and #gas facilities since the war started, worsening #supply concerns.
In economic terms, this is already the largest oil supply shock ever,” said Nicholas Mulder, an assitant professor of history who studies the economic impacts of wars at #CornellUniversity. As Gulf producers reduce output and shut down production, he explained, “we are seeing roughly three to four times as many barrels of oil lost as during the 1973 and 1979 #OilCrises.”
<https://apnews.com/article/markets-oil-iran-trump-war-brent-72e8c9a29c2ba1fd761ee968f3d4e553>
Crude oil prices swing wildly as Iran war threatens supplies
The Iran war has upended oil production and shipping across the Middle East, straining energy supplies worldwide. And crude prices swung wildly Monday. The price of Brent crude, the international benchmark, briefly surged to $119.50 per barrel on Monday — its highest level since the summer after Russia invaded Ukraine in 2022. West Texas Intermediate, which is produced in the U.S., also soared to $119.48 per barrel at one point. But those prices fell to under $90 late Monday, as markets made significant reversals after President Donald Trump told CBS News that he thinks “the war is very complete.”