Why it matters:
The surge in oil prices signals severe disruptions in global energy supply chains, threatening to push gasoline prices higher for consumers just as the White House attempts to manage the fallout from the war agianst Iran.
The big picture:
The aggression by the U.S. and the Zionist regime against Iran has erased market stability efforts, with US crude jumping 8.5% to $81.01 a barrel, its highest level since July 2024. The volatility reflects deep anxiety over energy security.
What they're saying:
Industry officials and oil traders told CNN that more details are needed for market confidence to return.
Key points:
- CNN reported that concerns about global energy supply rose on Thursday, sending US oil prices to their biggest one-day gain since May 2020 during the Covid-19 pandemic.
- The latest price hike suggests that gasoline, which hit its highest level in 11 months on Thursday, is likely to rise rapidly in the coming days.
- Crude oil prices rose 8.5% on Thursday to reach $81.01 per barrel, the highest level since July 18, 2024.These significant increases indicate that White House efforts to calm concerns about supply disruptions in the Middle East have not been effective.
- Oil prices initially stabilized somewhat on Tuesday after US President Donald Trump promised to provide marine insurance for tankers and have the US Navy escort them if necessary.
- US oil prices have risen 20% since last Friday, the last trading day before the war disrupted oil supply from West Asia.
M.Majdi - Mahboubeh Habibi
