Oil prices soar 29% as Middle East conflict escalates
Business
Oil prices just shot up by 29%, now at $119.50 a barrel, as conflict heats up between Iran, Israel, the US and Gulf countries.
With Iraq and Kuwait already cutting back on oil production (and Saudi Arabia plus the UAE possibly next), global markets are feeling the squeeze.
Strait of Hormuz, key LNG export route, at risk
The Strait of Hormuz, a vital route for about 20 million barrels of oil a day, is now at risk due to the conflict.
On top of that, Qatar has paused its liquefied natural gas (LNG) exports, which is a big deal for energy-hungry countries in Asia.
With talks of refinery strikes and more supply cuts, everyone's bracing for even higher prices ahead.