Attacks on Oil and Natural Gas Facilities Could Lead to Much Higher 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.
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.
Oil prices surged on Thursday after ships came under attack in the Persian Gulf, and Iran’s supreme leader vowed revenge for U.S. and Israeli airstrikes.
The United States and Israel launched more strikes against Iran, where crowds mourned military commanders killed in the war. Israel also bombed targets in Lebanon, where the death toll climbed.