State of the Union: Oil is way up as the Iran War wreaks havoc on global energy markets. The post Crude Oil Prices Top $100 a Barrel appeared first on The American Conservative .
Oil prices skyrocketed to nearly $120 a barrel early Monday morning before falling to just over $100, as the ongoing war in Iran pressures global energy markets. West Texas Intermediate, the benchmark for most U.S. oil, topped out at $119.48 until reports surfaced that members of the G7 may soon be opening their strategic oil reserves to relieve prices. Much of the price spike is caused by the war disrupting tanker traffic through the Strait of Hormuz. About 15 million barrels of crude, roughly one-fifth of global oil supply, normally pass through the strait each day, but Iranian attack threats have nearly halted tanker traffic from major Gulf producers. As exports slow, Iraq, Kuwait, and the UAE have cut production, while attacks on…Open
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