State of the Union: The Iran War has caused prices to rise amid an energy supply crunch. The post European Central Bank Raises Interest Rates appeared first on The American Conservative .
The European Central Bank voted on Thursday to raise a key interest rate amid concerns about higher inflation. The ECB raised its deposit rate 25 basis points to 2.50 percent. The Iran War has created an energy supply crunch, sending prices upwards. The ECB’s decision came the same day the price of Brent crude topped $105 a barrel. ECB President Christine Lagarde said the rate hike was unanimous and a “no brainer” given the need to stabilize prices. “With today’s decision, the Governing Council remains well positioned to navigate the uncertainty caused by the conflict,” read a statement released by the ECB. During a press conference, Lagarde rejected French politician Jean-Luc Mélenchon’s proposal to cancel…Open
The cost of crude oil hit its highest levels in months, as investors worried about diminishing oil supplies after reports that the Iranian-backed Houthi militia had captured a port city in Yemen.
The ongoing conflict between the U.S. and Iran has driven oil prices back above $100 per barrel, raising concerns over global energy supplies and inflationary pressures. PULSE POINTS WHAT HAPPENED: Oil prices rose above $100 per barrel for the first time since July following U.S. strikes on Iranian oil tankers on Tuesday, reportedly in […]
The ongoing conflict between the U.S. and Iran has driven oil prices back above $100 per barrel, raising concerns over global energy supplies and inflationary pressures. PULSE POINTS WHAT HAPPENED: Oil prices rose above $100 per barrel for the first time since July following U.S. strikes on Iranian oil tankers on Tuesday, reportedly in response to missile attacks targeting a U.S. Navy warship. Iran retaliated by striking at a U.S. military base in Jordan, while Houthi forces backed by Tehran launched attacks on Saudi Arabian oil infrastructure . DETAIL: The Iran war has disrupted energy markets, with Brent crude briefly exceeding $100 per barrel after the exchanges before settling around $99.50. British and European Union gas prices…Open
State of the Union: As tit-for-tat fighting continues, Tehran appears more willing to escalate. The post Iran War Day 194: Oil Hits $100 Per Barrel appeared first on The American Conservative .
The price of Brent crude hit $100 per barrel Wednesday morning after heavy fighting between the U.S. and Iran. That’s the highest level since late July for the key international benchmark. U.S. Central Command said Tuesday evening it had struck Iranian assets: “CENTCOM forces destroyed five Iranian crude oil carriers, Sept. 8, after the Islamic Revolutionary Guard Corps (IRGC) targeted a U.S. Navy warship with ballistic missiles twice over the past two days.” The IRGC, a force in the Iranian military, painted a different picture of its own preceding attacks, saying it had successfully damaged two warships in ballistic missile strikes. After the U.S. strikes on Tuesday, Iran launched missiles at Jordan, which hosts American…Open
State of the Union: The Saudis announced a temporary halt to operations for damage assessment. The post Iran War Day 193: Houthis Strike Saudi Oil Installations appeared first on The American Conservative .
Iran’s Houthi allies in Yemen attacked Saudi oil infrastructure late Monday or early Tuesday, pushing up oil prices already elevated from the regional war’s constriction of energy flows. The Saudi Ministry of Foreign Affairs condemnation of the attacks said that 73 civilians, including women and children, had been injured in the strikes on Abha, Khamis Mushait, Najran, and Jazan. The Ministry of Energy reported a temporary halt at some facilities while damage is assessed. Brent crude quickly climbed from an open of $97 to over $99 per barrel Tuesday morning. The Houthis struck Jazan, a 400,000-barrel-per-day refining complex, in late July, halting production for over a month. The Houthis released a statement saying that the Saudis…Open
Brent crude, the global benchmark for oil, was up about 1 percent as trading resumed on Sunday, while the national average price of gas was nearly $4.15 a gallon.