"Fatih Birol, the executive director of the IEA, stated that the impact of the Middle East conflict on the oil market was larger than the combined force of the twin shocks of the 1970s and the fallout from Russia's invasion of Ukraine."
"Oil traded at more than $110 a barrel on Tuesday after Trump warned that a whole civilization will die tonight unless Iran made a deal."
"Markets are once again on edge as the US-Iran conflict enters a critical phase, with investors effectively trading against another countdown clock set by the Trump administration."
The blockade of the strait of Hormuz has led to a more serious oil and gas crisis than those in 1973, 1979, and 2022 combined. The International Energy Agency's head, Fatih Birol, stated that the Middle East conflict's impact on oil markets is unprecedented. Developing nations face higher oil and food prices, exacerbating inflation. Oil prices surged above $110 a barrel amid escalating tensions between the US and Iran, with fears of military action increasing market anxiety. Investors are concerned about potential direct strikes or last-minute de-escalation.
Read at www.theguardian.com
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