Oil prices surged on Wednesday as fighting between the U.S. and Iran intensified in the Persian Gulf, raising concerns that the supply of oil passing through the Strait of Hormuz could be reduced.
Brent crude futures, the global benchmark for oil prices, rose 3.5 percent to above $101. This is the first time Brent has topped $101 since May. In July, Brent briefly rose above $100. One year ago, Brent was priced at around $66 a barrel.
The price of West Texas Intermediate futures traded nearly 3.7 percent higher to around $96.40. That is also the highest since May.
The recent escalation in fighting has renewed fears of global oil supplies falling. What’s more, many investors see the renewed hostilities as evidence that the war between the U.S. and Iran will not be resolved quickly.
ComputerRedneck on
OMG oil goes over $100, yesterday, early this morning, OMG is just went up another dollar… OMG OMG…
Seriously is this what journalism is now, regurgitating the same article just changing the numbers?
Legal_Flamingo_8637 on
I understand why people are complaining about high gas prices, but the same people never mentioned about the gas prices when Biden was president and cheap gas prices prior to war in Iran.
longnuttz on
A few years ago I was explaining to my teenage son how gas prices are cheap when a republican is in the white house, and expensive when democrats are in. This is not looking good to the younger generation who have recently come to driving age.
Yes I know it mostly holds true and Biden gas was way more but the kids think in the now only.
4 Comments
**From the article:**
Oil prices surged on Wednesday as fighting between the U.S. and Iran intensified in the Persian Gulf, raising concerns that the supply of oil passing through the Strait of Hormuz could be reduced.
Brent crude futures, the global benchmark for oil prices, rose 3.5 percent to above $101. This is the first time Brent has topped $101 since May. In July, Brent briefly rose above $100. One year ago, Brent was priced at around $66 a barrel.
The price of West Texas Intermediate futures traded nearly 3.7 percent higher to around $96.40. That is also the highest since May.
The recent escalation in fighting has renewed fears of global oil supplies falling. What’s more, many investors see the renewed hostilities as evidence that the war between the U.S. and Iran will not be resolved quickly.
OMG oil goes over $100, yesterday, early this morning, OMG is just went up another dollar… OMG OMG…
Seriously is this what journalism is now, regurgitating the same article just changing the numbers?
I understand why people are complaining about high gas prices, but the same people never mentioned about the gas prices when Biden was president and cheap gas prices prior to war in Iran.
A few years ago I was explaining to my teenage son how gas prices are cheap when a republican is in the white house, and expensive when democrats are in. This is not looking good to the younger generation who have recently come to driving age.
Yes I know it mostly holds true and Biden gas was way more but the kids think in the now only.