Oil, gas prices could soar as Middle East war escalates
Business
U.S.-Israel strikes on Iran have basically frozen tanker traffic through the Strait of Hormuz, a key route for the world's oil.
With storage tanks filling up fast, Gulf countries like Iraq, Saudi Arabia, and the UAE have slashed their oil output. Global supply is down 6%.
On top of that, Qatar has stopped shipping liquefied natural gas (LNG), which affects about one out of every five LNG cargoes worldwide.
Why it matters
If you're wondering why gas or energy bills might spike soon, this is a big reason.
Disruptions in the Middle East ripple across global markets fast, so even if you're nowhere near there, your costs could feel it.
Plus, it's a real-world reminder of how connected everything is when it comes to energy and prices.