Oil Prices Plunge as Global Conflict Zones Bite

Oil prices have been on a rollercoaster ride in recent days due to escalating tensions between the US, Israel, and Iran.

The conflict has disrupted energy supplies, with over 43% of global oil production affected by conflict zones. This, combined with more than 10% of refining capacity currently offline, is putting pressure on fuel supplies and driving up prices and inflation.

The situation escalated when the US and Israel launched attacks on Iran, which retaliated against Gulf refineries and oil infrastructure. The result has been a sharp swing in oil prices as global markets struggle to adjust to the new reality.