Oil price keeps rising, industry frets over Iran-US conflict

  • 📰 inquirerdotnet
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 86%

Business News News

Business Business Latest News,Business Business Headlines

The global benchmark for crude oil rose above $70 a barrel for the first time in over three months. | AP

Fears that Iran could strike back at oil and gas facilities important to the U.S. and its Persian Gulf allies stem from earlier attacks widely attributed to Iran.

Compared to other methods of attack, targeting energy sites also “doesn’t kill a lot of people,” Krane said. “It’s capital-intensive, it’s not people-intensive. It’s a safer option in terms of the virulence of reprisal.” Brent crude was up $1.02 at $69.62 a barrel, having risen almost 6% since before the Iranian general’s killing.At the same time, some experts say the effect of a Middle Eastern geopolitical crisis on oil prices may not be as great as it once was. The U.S. energy industry, for instance, can ramp up shale oil production in places such as Texas.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines