Oil prices ticked up further on Wednesday, reaching a high of $110 per barrel, after Iran and Qatar accused Israel of attacking a vast natural gas field the Gulf countries share.
Tehran vowed to retaliate by targeting energy sites in neighboring countries. Strikes on energy infrastructure in the region are compounding the disruptions triggered by the effective closure of the Strait of Hormuz, deepening the strain on the global economy.
The White House, under pressure to end the conflict, on Wednesday suspended a law that prohibits foreign vessels from shipping oil and gas between US ports. But analysts say the move will do little to ease rising gas prices, which Vice President JD Vance called a “temporary blip.”
