Oil Prices Soar as Middle East Tensions Escalate
Global oil prices have spiked to nearly $100 per barrel following strikes on Saudi Arabia's oil infrastructure by Iranian-backed Houthis, despite President Donald Trump's prediction that oil prices would fall after a U.S. victory in its war with Iran.
The conflict has outweighed any steps the administration has taken to reduce oil prices, including regulatory rollbacks and increased domestic production. Energy Secretary Chris Wright maintains that the administration is 'leaning in on maximum production' to address consumer costs, but analysts say this will not be enough.
The U.S. military has struck three Iranian oil tankers in retaliation for missiles launched at U.S. Navy ships, further escalating tensions and impacting global markets. Venezuelan production is up 25 percent since January, with half of the crude going to U.S. Gulf Coast refineries, but analysts believe any growth will be gradual due to uncertainty surrounding the political situation in Venezuela.