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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.

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[–] FaceDeer@fedia.io 2 points 1 day ago

Also don't forget to stock up on everything that needs oil for supply chains to move them, the raw materials to make them, and the energy to run it all.