Oil Prices Skyrocket Amid Middle East War

0:00This is Corey, here with your quick two-minute update from Durham News today. Oil prices have skyrocketed this week amid a new war in the Middle East. A week after the United States and Israel struck Iran, the conflict spread with missile and drone attacks hitting nearly every nation in the region. This has crippled oil supplies, pushing American crew to $90.90 a barrel, up 36% while Brent Crude hit, $92.69, a 27% jump. Ships carrying about 20 million barrels of oil a day are stuck in the Persian Gulf, blocked from the strait of hormones by the fighting. Damage to refineries and pipelines has not roughly 9 million barrels per day off the market as producers shut down for safety. Drivers across the United States are already paying more with regular gasoline at $3.32 a gallon, up 11% and diesel at $4.33 up 15%. The pain is worse in Europe and Asia, where diesel prices have doubled and jet fuel nearly

1:02tripled due to heavy reliance on Middle East energy. President Donald Trump said Monday, the military operations might last four to five weeks but could go much longer. By Friday he ruled out talks unless Iran offers unconditional surrender and experts warn the war shows no quick end. The president announced the plan Friday to ensure up to $20 billion in losses in the Gulf to boost shipping confidence. Still, analysts doubt it fixes the core issue, noting ongoing threats like attacks on tankers could make the region unsafe for good. This episode is brought to you by our sponsor, see the episode description. Sali Pillow is a pillow with built-in headphones, lay back, press play, and disappear into what you are listening to.