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🚨OIL HIT $119 PER BARREL, THE HIGHEST LEVEL SINCE 2022.
Since the US–Iran war began, oil prices have already risen more than 50%.
Nearly 200 million barrels of oil that were supposed to reach global markets are now stuck, and several refineries have shut down due to attacks or the risk of attacks.
This has created one of the largest supply disruptions the oil market has ever seen, and prices are reacting to it.
But G7 is now discussing releasing up to 400 million barrels from its 1.2 billion barrel strategic reserves to calm the market.
But oil is still trading well above $100.
And if prices keep rising, this will not stay limited to oil. Higher energy costs eventually push up the price of almost everything.