Oil prices have skyrocketed: what are the reasons?
30 March 07:19
Global oil prices rose on Sunday, March 29, after Tehran warned of a possible U.S. ground invasion.
This was reported by "Komersant Ukrainian", citing CNN.
The price of Brent crude , the global benchmark, rose 2.47% to $107.92 per barrel, while the price of U . S. crude rose 2.94% to $102.57.
The publication notes that stock futures, in turn, fell on Sunday: Dow futures dropped by 0.53%, or 241 points. S&P 500 futures fell by 0.46%, and Nasdaq futures by 0.48%.
CNN reports that the war in Iran has caused the largest oil disruptions in history due to the closure of the Strait of Hormuz, through which 20% of the world’s oil flows. Strikes targeting oil and gas facilities have also led to rising gasoline prices.
“Americans are paying for the consequences of the war at the gas pump: a gallon of gasoline in the U.S. averaged $3.98 on Sunday,” the CNN article states.
The Trump administration is in a panic
As is well known, the sharp shift in the oil market that followed Iran’s closure of the Strait of Hormuz has negatively impacted the U.S. Gas prices in the States have skyrocketed, causing panic within President Donald Trump’s administration, as this is a rather negative factor ahead of the election.
Washington then turned its attention to the Strait of Hormuz and called on its NATO allies for help, asking them to send warships to the region. However, the U.S.’s NATO partners refused Trump’s request, prompting him to seek revenge, even though he had previously ruled out this option.
