Oil Prices Skyrocket Amid U.S.-Iran War Tensions

0:00From the Daily News Now Network, this is Global News Today. Oil prices surge more than 15 percent on Monday, hitting levels not seen since mid-2022. Brent Crew Futures climbed 16.7 percent to $108.20 per barrel, while West Texas Intermediate rose, 15.7 percent to $105.13 per barrel. The spike stems from major producers cutting supplies amid the expanding U.S. Israeli war with Iran. Disruptions around the straightforward moves, which carries one-fifth of global oil, have slow tanker traffic, and heightened security risks. Earlier in the session, prices hit even higher peaks, with Brent topping $119.50 and WTI reaching $100.19.48. Last week alone, Brent jumped 27 percent and WTI, 35.6 percent. Producers like Iraq and Kuwait have slashed output, with Iraq's southern feels down 70 percent to 1.3 million barrels per day. Kuwait declared force measure on shipments,

1:03and analysts say the United Arab Emirates and Saudi Arabia may follow a storage fills up. Refinery space issues too, including a force measure in Bahrain, and a fire in the UAE's Fujaira zone. Iran's appointment of Mochetaba Commonay, a supreme leader, signals hardliner staying in power, fueling fears of prolonged straight closures in attacks. Experts warn prices could push toward 120, or even $130 per barrel for WTI, without quick de-escalation. Consumers worldwide may face weeks or months of higher fuel costs due to damaged facilities in logistics woes. U.S. Senate Democratic leader Chuck Schumer urged releasing oil from the Strategic Petroleum Reserve, while G7 Finance Ministers and the International. Energy Agency plan talks on emergency reserves. The Daily News Now is presented by our sponsor, LinkedIn the Description, a pillow that plays your podcast, music, or white noise privately. No ear buds required. S-O-L-I-SoliPillow.com