economy
Brent crude oil prices surge again nearing $120
The price of global oil rose on Thursday, as the energy market continues to react to the United States and Israel’s war with Iran.
TL;DR
- Global oil prices, specifically Brent crude, rose significantly, nearing $118 per barrel.
- This surge is linked to the war between the U.S./Israel and Iran, including Iran's strikes on Qatar's LNG complex.
- Threatened attacks on other Middle Eastern energy facilities could push prices past $120 per barrel.
- Disruptions in the Strait of Hormuz are causing the largest energy supply disruption in history.
- The Federal Reserve noted rising inflation expectations due to high oil prices.
- U.S. gas prices have increased by 30 cents in the past week.