War threats lift oil prices. Global energy body says Iran shock tops 1970s oil crises
Oil prices have risen due to the escalating conflict between the US and Iran, with the International Energy Agency stating that the reduction in global oil supply is larger than the loss caused by the 1970s oil crises. The conflict has led to a significant increase in oil prices, with Brent crude rising to $113 a barrel and WTI rising to $99 a barrel.
The US and Iran have threatened fresh attacks on energy facilities in the Middle East. The International Energy Agency says the reduction in global oil supply is larger than the loss caused by the 1970s oil crises. Oil prices have risen, with Brent crude at $113 a barrel and WTI at $99 a barrel. The conflict has damaged at least 44 energy assets across nine countries. The IEA is talking to countries about increasing oil production to ease the supply crunch. The agency may release more oil from strategic stockpiles if necessary.
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