Oil Prices Skyrocket, Economies Reel

0:00It's March 29th. Welcome in. This is Canada News Today, where local news meets AI. US and Israeli strikes on Iran sparked a chain of attacks hitting Persian Gulf for fineries, pipelines and gas fields, jacking up oil prices, worldwide and tanking stock markets. Brent Crude jumped 3-4% Friday to 105.32 a barrel, up from around 70 pre-war, Al-Wal U.S. Crude rose 5.5% to 99.20 sore. This mess threatens months or even years of economic drag as supply chains crumble. Iran fired back by blocking the strait of hormones, choking off a fifth of global oil flow, leading producers like Kuwait and Iraq to slash output. That's wiped out 20 emberos a day. The biggest supply shock ever, per energy experts. Qatar's Ross LaFont gas terminal, handling 20% of world-liquified natural gas, got hammered March 18, knocking out 7% of its exports with repairs, dragging 5 years, folks everywhere

1:02feel the pinch, especially in poor spots where fuel rationing and subsidies kick in to shield the vulnerable. Fertilizer prices spiked 50% for Urea and 20% for ammonia since up to 40% of exports sailed through that strait, hitting farmers hard and paving the way. For priceier, scarce or food down the line, Asia's taking the brunt with over 80% of the Gulf's oil and gas headed there. In the Philippines, offices run four days a week with aircon capped at 75 degrees CF, Thailand's got public workers skipping elevators, India's prioritizing, cooking gas for homes, while eateries cut hours. Even the U.S., somewhat cushioned as an oil exporter, sees gas averaging nearly 4 to gallon, up from 2898 a month back, fueling recession fears now. At 40% odds, energy prose warn recovery is going to crawl with busted infrastructure from Qatar to Kuwait, no quick fixes in sight. The real question hangs on how long these blows keep landing and how deep the global

2:03scars run.