Oil Prices Skyrocket Amid Middle East Conflict

0:00On this March 9th, here's what's shaping the world. Oil prices just posted their largest one-day jump in six years, with Brent Crude soaring more than 20% to $114 a barrel. This surge stems from the ongoing U.S.-Israeli conflict with Iran, which has shut down energy production across parts of the Middle East and led to a full blockade of the Strait of Hormuz, that Keywaterway normally handles one-fifth of the world's oil and gas shipments, so no fuel is moving through it right now. Markets took a hit too, as Asian stocks plunged, with South Korea's main index dropping over 6% and triggering a 20-minute trading halt. President Trump called it a short-term blip on social media, saying it is a small cause for global safety, while natural gas prices are set to climb. When European trading starts and uncertainty lingers over how long the war will last, the daily news now is presented by our sponsor. Your favorite podcasts, music, or sleep sounds coming from your pillow.

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