Conflict is forcing producers to slash production and close ports as Iran steps up attacks on energy infrastructure.
Category: War and Armed Conflicts
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Countries Scramble to Shore Up Global Oil Supplies as Ships Are Attacked
The United States and Israel launched more strikes against Iran, where crowds mourned military commanders killed in the war. Israel also bombed targets in Lebanon, where the death toll climbed.
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Japan and Germany Say They Will Release Oil
Officials in Tokyo and Berlin said they planned to release oil from their strategic reserves to address disruptions of supplies from the Middle East.
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How Trump and His Advisers Miscalculated Iran’s Response to War
In the lead-up to the U.S.-Israeli attack, President Trump downplayed the risks to the energy markets as a short-term concern that should not overshadow the mission to decapitate the Iranian regime.
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Rising Fuel Costs Pressure Airlines and Truckers
The price of jet fuel and diesel has surged since the war in Iran began, which could force airlines and trucking companies to pass on higher costs to their customers.
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Oil Falls and Stocks Rise After a Day of Drastic Swings
The price of oil had spiked to nearly $120 a barrel on Monday, drawing remarks by President Trump that he believed the war on Iran was “very complete.”
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G7 Countries Hold Off on Releasing Emergency Oil Supplies
Finance ministers for the seven industrialized countries met on Monday and said they would consider releasing oil from reserves but were not ready to do so now.
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War-Induced Inflation Spike Looms Over Europe’s Economic Recovery
For months, the region has been encouraged by low inflation and better-than-expected economic growth. A disruption to energy supplies from the Middle East could knock it off course.
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Oil and Natural Gas Prices Extend Rally as Iran Attacks Escalates
Energy prices continued to rise on Tuesday as attacks by the United States and Israel on Iran intensified, along with the country’s response.
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Travelers Stuck in Dubai Face ‘Chaos and Confusion’ Amid Flight Cancellations
The Emirates’ reputation as a safe destination in a volatile area was put to a brutal test in recent days as Iran, retaliating against U.S.-Israeli attacks, targeted the region with missiles and drones.
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Airline Stocks Tumble as Iran War Expands Across Middle East
Higher fuel prices and lower demand for international flights are eating into airlines’ profits.