US-Iran Conflict Sends Oil Prices Soaring to Near $95
Oil prices have approached $95 a barrel following a new exchange of military strikes between the United States and Iran in the Middle East. The tensions are rising again on global energy markets, making events in the region the main source of uncertainty for global energy supplies.
The US embargo on Iranian oil exports is increasing economic pressure on Tehran by restricting its primary source of revenue. At the same time, President Donald Trump has an additional incentive to keep gasoline prices in check and prevent further escalation of the conflict, as he faces the approaching midterm elections in the United States.
The consequences of the escalation are already visible in the Strait of Hormuz, where tanker traffic through this vital route has declined following a series of Iranian attacks near the passage. During one incident, a Saudi tanker was hit, killing two crew members. The exact volume of oil leaving the Persian Gulf is difficult to determine, as many vessels have switched off their transponders.
In contrast, Venezuela has emerged as a focus of attention, with representatives of oil companies meeting in Caracas with acting President Delcy Rodríguez and U.S. Energy Secretary Chris Wright. The parties signed a series of new energy agreements aimed at reviving an industry that was once the foundation of Venezuela's economy.