Oil price expected to surge after Iran strikes and strait of Hormuz closure
www.theguardian.com
Markets around the world could tumble on Monday and motorists are likely to pay more at the pump

The price of oil is expected to soar on Monday while stock markets could tumble as the US-Israel war on Iran rattles investors.

US crude oil is on track to rise by 9% when trading resumes, according to data from the broker IG, after Tehran said on Saturday it had in effect closed the strait of Hormuz, a key oil choke point, reportedly prompting the halt of some oil shipments.

IG’s weekend markets showed that US crude oil could rise to more than $73 a barrel when trading resumes in New York late on Sunday, up from $67 a barrel on Friday night. That would be its highest level since June 2025, when the US launched strikes on Iran’s nuclear facilities, and threatens to feed through to higher prices for drivers at the pump.

Analysts at Barclays said the oil price could reach $80 a barrel in the event of a “material supply disruption”.

    • MrMakabar@slrpnk.netEnglish
      2·
      19 days ago

      Shell and BP are British. It is more likely that Marathon, Valero and Philips66 will profit from this since they are US American.

  • KY13KR385@lemmy.world
    15·
    20 days ago

    Grateful to have a bike with saddle bags and an EV for whatever’s coming. I hope others can fare the impending storm that was thrust upon them.

    • vaultdweller013@sh.itjust.works
      8·
      20 days ago

      Yeah I’m probably going to get off my ass and finally get a motorcycle license. Maybe see about getting a sidecar so my husky can go bubye with me.

    • Killer57@lemmy.ca
      1·
      20 days ago

      Aint no way am I willing or even able to bike 50km to work each way in the winter.

      • dudesss@lemmy.ca
        3·
        20 days ago

        Ok, @Gerudo did not provide a solution to a problem. But instead brought a problem to a solution.

        You are currently doing the same. Also 20 miles is 32km.

        Both of you, do better.

        • Killer57@lemmy.ca
          5·
          20 days ago

          I am not changing my job to work closer to home, biking to work would be the literal death of me for cycling on the ringroad. Edmonton is NOT a pedestrian or Cycling friendly city. Not to mention it gets down to -40C in the winters.