Oil Prices Surge 25% Amid Iran Conflict

0:00I'm Cory with the story, bringing you the latest from around the world. All prices surge 25% on Monday, marking a record one day jump for Brent Crude as the widening conflict in Iran triggered massive. Supply fears. Key producers like Kuwait and Iraq slashed output, while the straight-of-horn moves stayed effectively closed, halting shipments and overwhelming storage. Iran's move to name Mochetaba Kamenei as the new Supreme Leader signals hardliners will stay in power. Hitting worries of more attacks on energy sites. After strikes hit, Iranian oil facilities over the weekend. Qatar halted liquefied natural gas exports and experts expect Saudi Arabia and the United Arab Emirates to cut production soon as tanks fill up. Governments across Asia and beyond rush to ease the pain. South Korea's president announced fuel price caps for the first time in nearly 30 years to fight panic-bime, given their heavy reliance on. Middle East oil. Japan prepped national reserves covering over 350 days of use, and Vietnam dropped import

1:04tariffs on fuels. The group of seven finance ministers planned talks on releasing emergency oil stockpiles together. Bangladesh closed universities to save power, and China ordered refiners to stop fuel exports and cancel deals. Markets spelt the heat, too, with Asian stocks dropping and the dollar climbing on prolonged disruption fears. Asian Trump downplayed the U.S. price spike on social media, calling it a small short-term cost for global safety once Iran's nuclear threat ends. Officials warned the economic hit could drag on if supply chains don't recover fast. We'd like to thank our sponsor for making this episode possible. Some travel miles to find peace. I just climb into bed and listen. So L.I. SoleyPillow.com