Here's why oil prices may remain high even if Iran war ends
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Oil prices (CL=F, BZ=F) swing upward on Friday as Iran continues to target oil production sites in the Persian Gulf. Yahoo Finance Breaking News Reporter Jake Conley sits down with Yahoo Finance Head of News Myles Udland to cover the latest developments in the Middle East conflict,
Benchmark Brent oil ​prices jumped above $119 a barrel on Thursday, March 19 after Iran attacked energy facilities across ‌the Middle East.
Oil prices are rallying again as the market fears Israel and Iran will escalate attacks on Middle East energy infrastructure.
From waiving the Jones Act to rerouting oil through the Red Sea, governments are doing their best to make up for the crisis in the Strait of Hormuz, but prices are still rising.
The overall economy has proved resilient in recent years, even as many households have struggled. The war with Iran is following the same pattern.
Crude surges again as the conflict in the Middle East escalates, with several natural gas facilities in Qatar facing missile strikes.
The US has allowed the sale of Iranian oil and petrochemical products that have been loaded onto tankers, its latest effort to counter rising oil prices due to the Middle East war.
CEO Scott Kirby said the airline is preparing for oil to rise as high as $175 a barrel amid the war in Iran.