Oil Prices Surge as Iran Attacks Tankers

0:00Stay informed in two minutes or less with Sydney news today from the Daily News Now. Oil prices spiked today due to Iranian attacks on oil tankers and fears of more strikes ahead. Brent crude jumped 7% at the start of Asian trading, hitting $98.50 a barrel. By mid-afternoon, it broke past the $100 mark despite a massive move by the International Energy Agency. The agency announced its 32-member countries would release 400 million barrels from emergency reserves. That's the largest coordinated drawdown since it formed after the 1973 oil crisis. The goal was to ease shortages from block-to-middle east exports. Two tankers were hit by unknown projectiles with one catching fire in the Strait of Hormuz. That waterway handles about 20% of global crude supply. Reports also noted multiple Iraqi loaded tankers burning off Basra, spilling oil into the Persian Gulf. Motorists are preparing for steeper fuel costs, though officials and lobby groups urge calm.

1:02Markets ignore President Trump's earlier claim that the war was wrapping up as attacks persist. Amalists say the release signals worries the conflict will drag on. Experts warn of bigger disruptions than past events, with prices possibly reaching $120 to $150 a barrel. Right now, trading reflects panic and uncertainty, but supply losses look set to become long-term. Thanks to our sponsor for helping bring you this episode. Headphones in a pillow, simple idea, surprisingly addictive. S-O-L-I-S-O-L-Pillow.com