Oil prices broke through the $70 mark in early trading this week. Unsurprisingly, crude oil futures opened at $75 this week (a 12% increase).
Due to the Iran conflict, oil prices will rise sharply. Tensions in the Middle East escalate, and shipping through the Strait of Hormuz is disrupted. The Strait of Hormuz is a strategic shipping route, with approximately 20% of the world's oil supply passing through here.
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Oil prices broke through the $70 mark in early trading this week. Unsurprisingly, crude oil futures opened at $75 this week (a 12% increase).
Due to the Iran conflict, oil prices will rise sharply.
Tensions in the Middle East escalate, and shipping through the Strait of Hormuz is disrupted.
The Strait of Hormuz is a strategic shipping route, with approximately 20% of the world's oil supply passing through here.