Oil Price Surges as US-Iran Conflict Continues
Source: Bloomberg Politics · Bias: Center
Summary
Oil surged by the most in four years as traders gauged the impact of the effective closure of the Strait of Hormuz as the conflict between the US and Iran continues. Iranian authorities said on Sunday that the key waterway remained open, they also said they had attacked three oil tankers. In reaction to the widening conflict, OPEC+ agreed at a pre-arranged weekend meeting to raise quotas next month by 206,000 barrels a day. Bloomberg’s Anthony di Paola breaks down the situation.
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