Oil Prices Surge After US-Iran Military Action

0:00This is your global news update for March 8th. Oil prices have spiked sharply this week after the United States and Israel started military action against Iran. President Donald Trump brushed off suggestions to tap the strategic petroleum reserve to bring prices down, saying America has plenty of oil, and things will sort themselves out fast. The reserve, set up after the 1970s oil crisis, holds emergency supplies in underground caverns. It peaked at over 726 million barrels years ago, but has been drawn down before, like when President Joe Biden released the lot in. 2022, after Russia's Ukraine invasion, or during past wars and hurricanes, Republican space heat from voters worried about costs before the November midterm elections since higher gas hurts everyday folks the most, especially lower income families who spend a bigger chunk of their budget on fuel. Trump has jumped 8.5 percent for Brent Crude to $92.69 a barrel on Friday, while U.S. Crude

1:03rose 12.2 percent to $90.90. The administration did allow India to keep buying Russian oil until April 4th, as a quick fix to ease market strain. Trump plans to refill the reserve later, based on his instincts and slam Biden for using it up. Officials say releasing oil involves pumping water into the caverns to float the Crude out to refineries, but for now, no big moves from the reserve. This story is shared with support from our sponsor. A pillow that sounds as good as it feels, built for listening and bed, solypillo.com