3 hours agoOil Price Increases Global Threatened
Periskopi(4 months ago)
(4 months ago)The oil market was put under pressure after severe warnings raised concerns of further disruptions of global energy flows, while the conflict in the Middle East escalated. The price of American crude oil West Texas Intermediate (WTI) rose by more than 6%, reaching over $86 per barrel. Price [...]
The price of American crude oil West Texas Intermediate (WTI) rose by more than 6%, reaching over $86 per barrel.
The price of crude international oil rose by more than 4%, trading over $89 per barrel.
Earlier, Qatar Energy Minister Saad al-Kaabi warned that Gulf exporters may be forced to suspend production due to war and that it will take <x0vv by month” to return supplies after the Iranian-dance attack, reports Telegraph, broadcast Periscope
He warned that fighting in the Middle East could cause “to ruin world economies”, predicting that all Gulf energy exporters would stop production within a few days and bring oil to $150 per barrel.
Markets were also shaken by an attack forcing the closure of a US-run oil field in the autonomous Iraqi Kurdistan region.
As security tensions continue to increase in northern Iraq, explosions were reported Friday near Erbili's airport, and an attack forced the closure of an oil field operated by the US company HKN Energy.
This break has added to market fears that escalation of conflict in the region could threaten global oil supplies. /Periscope/
