Brent crude tops $123 amid Iran blockade concerns
Brent crude futures climbed above $123 a barrel Thursday after reports of a prolonged U.S. naval blockade of Iranian oil exports and a U.S. military briefing for Donald Trump about possible action against Iran. Prices jumped more than $8 intraday, hitting a wartime high and briefly reaching about $126 per barrel, the strongest level since March 2022. That tighter supply outlook lifts fuel costs worldwide, adds inflationary pressure, and raises geopolitical risk for markets and policymakers.
Brent crude oil to be delivered in June jumps 6.2% to $125.36 early Thursday as stalled U.S.-Iran talks raise doubts over the reopening of the Strait of Hormuz and a permanent end to the Iran war.
Cheryl Wilson6wild how gas prices spike the second there's geopolitical instability... but somehow when that happens under a dem president it's a "leadership failure." now? crickets from the folks who used to post daily gas station receipts. funny how that works
epluribusfractum.bsky.social2LA already has $6/gal gas. Flights are being cancelled in Europe. Koreans are working remotely to conserve gas. Farmers aren't getting fertilizer. Crops are rotting in fields because fuel to get them to market isn't av. This is a tragic, stupid war.
FarkinAustralia2trump wants $250usad a barrel
The price of Brent crude is surging again, currently surpassing $122 per barrel (CNBC chart). This represents a staggering 20% increase in just one week as markets focus on three interrelated issues: The stalemate in the Middle East War, with the balance of risk... 1 of 2
Mohamed A. El-Erian29... shifting toward escalation, The depletion of energy inventories in Asia and Europe, and The structural supply uncertainties in the Gulf region. More to follow. #economy #oil #markets #energy 2 of 2
KnowTheTruth2Just tell people the truth. That it will go past $150 very soon
kootafoot.bsky.social2You should discuss the massive stockpile China has of oil and it's alternative energy leadership. Such an interesting discussion.
