Oil Prices Steady Amid Iran-US Conflict

0:00This is Corey, here with your quick two-minute update from Sydney News today. Despite the chaos of America strikes on Iran over the past week, oil prices have states surprisingly steady, hovering just above $80 USD a barrel. That's where they've been for over two years, from late 2022 into early 2025. Global stocks have tumbled, but this key commodity, vital to the world economy, hasn't budged much yet. Analysts mostly expect the conflict to rabble quickly, which explains the calm. Back when Russia invaded Ukraine four years ago, prices spiked hard, but this time the reaction has been mild. Experts like those at Rabobank see it holding around $85 short-term, unless things drag on. Now the straight of Hormuz, that narrow choke point for a fifth of global oil, is closed off by Iran. They warn they'll torch any ships trying to pass, using cheat drones for precision hits. Other routes, like Saudi pipelines, can't handle the volume, trapping supplies inside the

1:02Gulf. Iran's already striking ports, pipelines, and refineries, including Saudi Arabia's big rise to Nura Plan, shut down Tuesday after a drone attack. If that keeps up, prices could jump to $130 or more, sparking inflation and hurting everyday folks at the gas pump. Meanwhile, traders are betting on the old taco play, Trump always chickens out, given mid-term election pressures, and has no more forever wars pledge. China faces its own headaches too, losing cheap oil from sanctioned spots and Qatar's liquefied natural gas after recent hits. Appreciation to our sponsor for backing this episode. You know what is better than earbuds in bed? No earbuds at all, S-O-L-L-I, solelypillo.com.