Oil prices have climbed steadily since tensions have increased.
Transcript:
Oil prices continue to rise amid escalating conflict in the Middle East. As of early trading on June 17th, US crude prices were up more than 2-percent, trading above $73 per barrel and adding to recent gains.
Energy facilities in both Israel and Iran have been hit by missile strikes, but so far major oil and gas infrastructure and flows have been spared from any substantial impact. Still, Iran is a major oil producer so the fighting raises concerns about supplies and the potential disruption of flows through the Strait of Hormuz, a major global oil shipping route — that’s considered a worst case scenario.
Top oil executives are warning about the consequences of further attacks on key energy infrastructure, given their significant footprint in the Middle East. Shell’s CEO Wael Sawan (Wy-elle Sa-wan) told CNBC that the “last 96 hours have been very concerning”… both for the region “but more broadly in terms of where the global energy system is going given the uncertainty…and the geopolitical volatility.”
Meanwhile, U.S. President Donald Trump left the G7 meeting in Canada a day early amid the Middle East tensions, though later said his return to the U.S. was for something quote “much bigger” than a cease-fire.” He also said early Tuesday that he had not reached out to Iran for ‘Peace Talks’ in any way, shape, or form.”
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