World News

22717 readers

105 users here now

Breaking news from around the world.

News that is American but has an international facet may also be posted here.

Guidelines for submissions:

Where possible, post the original source of information.
- If there is a paywall, you can use alternative sources or provide an archive.today, 12ft.io, etc. link in the body.
Do not editorialize titles. Preserve the original title when possible; edits for clarity are fine.
Do not post ragebait or shock stories. These will be removed.
Do not post tabloid or blogspam stories. These will be removed.
Social media should be a source of last resort.

These guidelines will be enforced on a know-it-when-I-see-it basis.

For US News, see the US News community.

This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.

founded 3 years ago

MODERATORS

Price of oil could spike after Iran’s parliament votes to close key shipping route (www.theguardian.com)

submitted 2 days ago by Powderhorn@beehaw.org to c/news@beehaw.org

12 comments fedilink hide all child comments

Might want to top off your gas tank today, if you have one.

Iran’s parliament has voted to shut down the vital Hormuz shipping channel in retaliation against Donald Trump’s attack on the country, prompting fears of a sharp spike in oil prices that could cause a global recession.

A barrel of Brent crude was selling for about $77 on Friday, having risen by more than 10% since mid-June when Israel’s attack on Iranian nuclear sites prompted missile strikes from Tehran against Tel Aviv.

But Trump’s decision to follow Israel by launching a US attack on Iran has set off a chain of events that analysts warned could drive prices up much further when markets open at 11pm UK time on Sunday.

you are viewing a single comment's thread
view the rest of the comments

[–] Powderhorn@beehaw.org 11 points 2 days ago (1 children)

It's not as simple as that. Most U.S. refineries were designed for a different grade of crude than shale produces. Record output, sure, but we can't do much with it once it's out of the ground in terms of fuels. I'm not familiar with the chemical and plastic workflows, so I can't speak to that also being an issue.

Fracking has helped keep down the price of oil, but only because it's a global market, and other countries are better equipped to refine what we're producing.

[–] FaceDeer@fedia.io 3 points 2 days ago

Trump can fix that by slapping 200% tarriffs on gasoline imports, then the refineries and the oil wells to feed them will just naturally materialize.