Oil Prices Surge After Iran Attack
How long prices remain high will depend on what the United States, Israel and Iran do next.
How long prices remain high will depend on what the United States, Israel and Iran do next.
The cartel pledged to increase output by 206,000 barrels a day from next month, and said that members would “closely monitor and assess market conditions.”
One of the world’s most vital maritime arteries saw a 70 percent drop in vessel traffic.
Having reshaped the company, Sultan Ahmed Al Jaber wants to expand internationally, particularly in natural gas, chemicals and renewables.
Iran’s extensive military abilities and network of regional proxies could draw the United States into a prolonged conflict.
Chevron has signed an initial agreement to start working in Syria, weeks after the Syrian government seized control of key oil and gas fields in the north of the country.
President Trump has left himself plenty of room for maximal intervention. But there are a host of potential wild cards, each with risks for the president.
If President Trump follows through, some of Iran’s biggest trading partners, including China and India, could be hit hard.
Israel’s granting of an export permit is the final step to allow the deal, first announced by energy companies in August, to proceed.
The move is an escalation of military operations and a pressure campaign against Nicolás Maduro, Venezuela’s leader. But its scope and economic impact are not clear.