Oil and gas prices jump after Iran and Israel attack gasfields

TrackerFF

Some airlines are cancelling flights left and right, others are jacking up the prices. If the war keeps going on into the summer, there's going to be some very obvious consumer-facing issues. From gas prices, very expensive travel, price hikes in logistics, you name it.

jvpr94

Already feeling this even in Brazil... Right when we got inflation under control for a couple of years.

jeffbee

After thinking it over I'm on the side of the people of Iran. Why aren't they blowing up refineries in Corpus Christi, Texas?

pphysch

The buried lede: Israel did an unprovoked attack on Pars and Iran immediately retaliated by attacking QatarEnergy, which has major LNG partnerships with US oil companies.

anonymous344

remember your paper straws to save the planet

fogzen

Good. I hope gas becomes so unaffordable the US economy collapses. Maybe they'll lose some weight and it'll improve the healthcare situation.

Havoc

Have seen social media chatter of isolated shortages in two countries already. Hard to tell whether that’s just background noise that is just getting more airtime play thanks to Iran or whether it’s the first sign of bigger trouble.

JohnMakin

so much winning, you're gonna get sick of winning

bambax

> after Iran and Israel attack gasfields After Israel attacked gasfields and Iran retaliated. Iran didn't start any of this.

igravious

“Oil and gas prices jump after US-proxy Israel attacks Iranian gasfield infrastructure, and after Iran responds in kind after having promised to do so.” is a headline that reflects reality and doesn't finesse the details -- I should really become a headline writer, I'm clearly better than whoever is employed by The Guardian. At the very least it should be "Oil and gas prices jump after Israel and then Iran attack gasfields" Putting Iran first might lead some to believe this was Iran-initiated, which of course is probably the intention.

pzo

I don't get why the prices jumped so much - looks like panic and hoarding because: - The Middle East produces roughly 30% of the world's oil - But about 20% of total global oil consumption flows through this strait (less than 30% because of of domestic consumption and some pipelines avoiding strait) I would understand if prices increases e.g. 50% but like more than 100% seems like a panic or manipulation

tengbretson

Uniting to fight gasfields might be just the common enemy that Iran and Israel need to finally mend this relationship.

zenethian

Time to get out our “I did that” stickers, right?

Shitty-kitty

If they really are trying to provoke a revolt in Iran this was about the stupidest thing you could do. Over 800 million Iranians rely on gas for cooking and heating. Before you joke about heating in a desert. Sand radiates heat incredibly fast, nights can get below freezing in some parts of Iran.

mikewarot

It will probably go back up to about 5 grams of Gold per barrel, which was the past peak, and hold there. More troubling if you're paid in dollars, the end of the Petrodollar is likely now on a very accelerated timeline. Based on history, I expect a 60-80% drop in our standard of living when that happens.