Gulf War Sparks Energy Crisis

0:00This is Global News Today, powered by AI and presented by the Daily News Now. The war between Iran and its neighbors is hitting the heart of global energy supplies in the Persian Gulf. Drones and missiles have damaged pipelines, refineries, and terminals, while the Strait of Hormuz remains too risky for ships. That means about 20% of the world's oil and liquefied natural gas can't get out, forcing oil fields and places like Iraq to cut output as. Large tanks fill up. Qatar, a top liquefied natural gas producer, shut down its giant Rosalafan terminal after a drone strike, invoking force-major to skip deliveries. Saudi Arabia closed its massive Ross-Tanour refinery, and port following a fire, and Bahrain's main refinery halted operations from missile damage. Iraq suspended 1.5 million barrels a day from super-giant fields like Rumayla, and its al-Bostra terminal is at risk. Oil's Leviathan gas-field of Haifa is offline too, squeezing supplies to Egypt.

1:02Even Saudi Arabia's east-west pipeline, which bypasses the Strait, faces threats. Oil prices have skyrocketed as a result. Brent crude shot up from $73 a barrel before the war, to over $100 by Monday. Factories, airlines, farms, and shipping costs are all climbing, with ripples felt worldwide. Experts say restarting won't be quick. Skulls and plants need weeks or months to ram back up, and more shutdowns loom if storage keeps filling. Gulf nations are scrambling, but the energy crunch could drag on. Special thanks to our sponsor for supporting this episode. Headphones in a pillow. Once you try it, it just makes sense, S-O-L-L-I, solypillo.com.