Oil Prices Surge as War Disrupts Supplies

0:00On this March 12th, here's what's shaping the world. Oil prices have surged more than a third since the war between the United States, Israel and Iran kicked off less than two weeks ago. Air strikes on shipping routes and energy facilities, plus the near closure of the Strait of Hormuz, which carries one-fifth of global oil supplies. Are driving the chaos. Brint Crude, the key international benchmark, now shapes contracts worldwide and hits everyday energy costs. Earlier this week, Monday brought the most volatile trading day in history. Prices spiked to nearly $120 a barrel after warnings from Gulf exporters about halting production. But they plunge almost $30 by days in, thanks to hopes of a quick end to the fighting and talk of tapping emergency stockpiles. World leaders' words have fueled the swings, from President Trump calling the war pretty much complete, to Qatar's energy minister predicting. Experts describe it as an energy shock like no other, with real worries about physically getting oil to refineries amid bidding wars to avoid.

1:04Shortages. A brief dip came Tuesday, when a US energy official social media claim of escorting a tanker through the Strait vanished after being debunked by the White House. Meanwhile, the international energy agency rallied dozens of countries to release record reserves from their roughly $1.2 billion barrels. Prices ticked lower at first, but rebounded above $100 after three more vessels were struck. Analysts say the reserves offer short-term confidence, but won't fix refining shortages or ongoing attacks, leaving markets guessing on the conflicts. Length. This episode is brought to you by our sponsor. See the episode description. Do not just fall asleep. Drift into what you are listening to. O-L-I-SOLYPILLOW.COM