The Iran war briefly drove oil to $118 a barrel, the highest price since Russia invaded Ukraine in 2022.
Israeli strikes on Iranian oil fields and Iranian drone attacks elsewhere have forced production to slow or halt, while shipping through the Strait of Hormuz has slowed over fear of vessels being targeted by Tehran.
The world is seeing âthe most severe shock to energy markets since the 1970s,â The Wall Street Journal reported.
European gas prices are also up 30%, leaving several countries in a vulnerable position due to depleted reserves, Bloomberg reported. G7 finance ministers are meeting today to discuss releasing some of their shared reserves to stave off a crisis, the Financial Times reported.
