Trump Administration Faces Public Jitters as Oil Prices Surge Amid Iran War
President Trump and Prime Minister Benjamin Netanyahu of Israel suggested that the war with Iran could end soon, but that there were still more attacks ahead.
President Trump and Prime Minister Benjamin Netanyahu of Israel suggested that the war with Iran could end soon, but that there were still more attacks ahead.
Treasury Secretary Scott Bessent said removing sanctions on Iranian oil would lower global prices.
Attacks on oil and natural gas facilities this week could make it much harder for Persian Gulf countries to rebuild and restart production when the war eventually ends.
The field is part of a vast gas reservoir shared by Iran and Qatar. The strike appeared to be one of the most significant attacks on an energy site since the U.S.-Israeli air war against Iran began.
The strikes appeared to be some of the most significant attacks on energy sites since the U.S.-Israeli air war against Iran began almost three weeks ago.
Airline executives said the war in Iran had raised fuel costs and, as a result, fares, but that had not yet hurt demand for tickets from individuals and businesses.
Energy Secretary Chris Wright said the Strait of Hormuz, a critical passageway for oil shipments, remained unsafe for tankers. Iran has been firing projectiles and laying mines.
Emirates, Qatar Airways and Etihad Airways have become some of the world’s largest and most profitable thanks to their location at the center of busy travel routes.
Governments have stockpiled oil, and cars are more efficient but the supply shock is global, and there’s no sense of when it’ll end.
Four years after the Russian invasion of Ukraine sent energy prices soaring, the war in Iran is posing another challenge to efforts to revive European factories.