Business World Middle East

Oil Prices Surge on Conflict

The renewed volatility in energy markets comes as a fragile ceasefire between the US and Iran reaches its expiration date.

Investors are increasingly concerned that the Strait of Hormuz, which carries a fifth of the world's oil supply, could remain closed for an extended period.

US Energy Secretary Chris Wright warned that gas prices could remain elevated through 2027 if the conflict persists.

Market analysts suggest that growth forecasts for major economies may need to be revised downward as fuel costs continue to climb.

Brent crude oil prices surge as US-Iran ceasefire nears expiration IOL — Apr 20, 12:00 PM
Oil prices jump and stocks are mixed as the U.S.-Iran standoff keeps the Strait of Hormuz in limbo CTV News — Apr 20, 11:50 AM
Oil Jumps, Stocks Ease As U.S.-Iran Ceasefire Hangs In The Balance Huffington Post — Apr 20, 11:38 AM
Market Talk: Markets 'are looking through to the end of the oil crisis' Reuters — Apr 20, 11:35 AM
Oil price back up as fragile US-Iran peace process in disarray The Independent — Apr 20, 09:21 AM
Oil prices rise and markets fall after US ship seizure hits Iran peace deal hopes The Guardian — Apr 20, 08:25 AM
Oil rises 5% on renewed US-Iran tension RTE — Apr 20, 06:10 AM
Oil prices climb as US-Iran stand-off keeps Strait of Hormuz in limbo Euronews — Apr 20, 05:29 AM
MARKETS LIVE - Oil climbs and stocks wobble as Trump renews threats on Iran Daily Mail — Apr 20, 06:46 AM
Oil prices surge 7%: US energy secretary issues warning as gas tops $4 per gallon amid Hormuz tensions Times Of India — Apr 20, 03:04 AM
Oil prices jump and stocks are mixed as the US-Iran standoff keeps the Strait of Hormuz in limbo ABC News — Apr 20, 08:56 AM
Oil prices rise anew after a US-Iran standoff in the Strait of Hormuz strands tankers ABC News — Apr 20, 05:38 AM

Bjoertvedt, CC BY-SA 3.0

Brent Crude
Classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide

Strait of Hormuz
Strait between the Gulf of Oman and the Persian Gulf

Chris Wright
United States Secretary of Energy (born 1965)

Iran
Country in Western Asia

United States
Country located primarily in North America