Pockets of fuel shortages worldwide, continuing price spikes, and rising inflationary pressure are now more imminent amid the ongoing Iran war escalation and the continuing decline of global energy supplies, analysts said. On Wednesday, the global benchmark for crude oil topped $101 per barrel for the first time since July and the U.S. standard for
President Donald Trump said that the Iran war will end “immediately” after US midterm elections and blamed the rising price of oil on the war. Oil prices rose to $100 (£74) a barrel on Wednesday, after the US and Iran attacked tankers in the Gulf region and Yemen’s Houthis hit oil facilities in Saudi Arabia.
The price of oil surpassed $100 a barrel for the first time since July after attacks on oil facilities and ships in the Middle East threatened to debilitate an already weakened supply chain. Brent crude, the international standard, jumped nearly 3% to $100.72 early Wednesday. U.S. benchmark crude gained 2.4% to $95.25 a barrel, and U.S. gasoline
US forces struck five Iranian tankers on Tuesday, sinking one, in response to Tehran twice targeting an American warship, US Central Command (Centcom) said. Four Iranian oil tankers in the Gulf of Oman linked to Iran’s Revolutionary Guards Corps (IRGC) were targeted, as well as another near Kharg Island, a major oil terminal off Iran’s
The British government dismissed Milei’s speech and stressed that its position on the Falklands was “unwavering”. Hopes that Milei’s primetime speech may have been a blip and that he would return to his previous stance of strengthening diplomatic ties with the UK were crushed on Monday, however, when his office announced it would file criminal
As Canada escalates its trade war with President Donald Trump, Alberta is betting on a softer approach. The oil-rich province has resisted some of the retaliation embraced elsewhere in Canada, while Premier Danielle Smith has pushed for more engagement with Washington. Alberta’s top representative in the US says that strategy is getting results. “I think