Brent crude tops $100 after US blockade, Pakistan talks fail
Oil just got a lot pricier: Brent crude shot above $100 a barrel today after the US announced a naval blockade on Iranian ports.
This move comes right after failed talks in Pakistan and could shake up global oil supplies, possibly affecting up to 12 million barrels per day.
Experts warn this could mean higher prices for everything, as inflation pressures rise worldwide.
Onyx Capital expert warns $140-$150 oil
The US military is set to restrict ships at Iranian ports near the Persian Gulf and Gulf of Oman, putting the vital Strait of Hormuz (a major route for world oil) at risk.
Jorge Montepeque from Onyx Capital Group called these potential disruptions "demented," noting they could hit Asia and the South Pacific especially hard.
Jorge Montepeque said oil could move toward $140-$150 if the blockade persists.