Israel-Iran Conflict Escalates, Oil Prices Soar

0:00On March 18, tensions in the Middle East are boiling over after Israel struck Iran's south-pars gas field. One of the world's largest natural gas, reserve shared with Qatar. Tehran fired back with a warning that energy sites in Qatar, Saudi Arabia, and the United Arab Emirates could become targets in retaliation. Iranian media confirmed the threats, stressing that attacks on their energy assets won't go unanswered. In Israeli official verified the strike happened, while Qatar called it a dangerous move of their risks, further escalation. Oil markets jumped right away, with Brent Crude topping $108 a barrel. Prices have climbed nearly 50 percent since the war kicked off on February 28, when U.S. and Israeli forces launched strikes against Iran. Security worries have slow production near the strait of Hormuz, a key route for global oil shipments. President Donald Trump urged U.S. allies to help secure the strait, pointing to a lack of support. Iran responded with missile and drone strikes on the United Arab Emirates, Saudi Arabia,

1:01Kuwait, and Tel Aviv, where two people died. This came amid reports of high-profile killings, including Iranian security figures and their intelligence minister. Even with the chaos, Iran's oil exports through the strait of Hormuz and from Kark Island are holding steady near-pre-war levels, as the U.S. ramps up. Just to clear the waterway for shipping.