Oil crosses $100 for the first time since 2022 as Iran war keeps Strait of Hormuz closed, forces shut-ins

S

signalmankenneth

Verified User
Four or five dollar a gallon for gas by end of month, if not sooner?!!:(

Oil prices crossed $100 per barrel for the first time since the early months of the Russian invasion of Ukraine in 2022, with no signs of slowing down in what has been the fastest oil rally since the 1980s.

Futures on international pricing benchmark Brent crude (BZ=F) and US benchmark West Texas Intermediate crude (CL=F) both jumped more than 15% to cross $108 per barrel nearly instantly after trading began at 6 p.m. ET on Sunday. Brent crude and WTI crude have now gained more than 50% and 60%, respectively, since the conflict began.

US futures plummeted into the red as the session opened. Futures on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) both lost roughly 1.5%, while contracts on the Dow Jones Industrial Average (YM=F) lost a deeper 2%.

Since the US and Israel began air strikes against Iran on Feb. 28, killing Supreme Leader Ali Khamenei and stoking violent retaliation from the Iranian regime, oil prices have soared, notching their largest weekly gain since at least 1985.

Critically, the conflict has sent tanker traffic through the Strait of Hormuz to a standstill. Roughly 20 million barrels of oil per day, or a fifth of the world's supply of seaborne crude, crosses the waterway connecting the Persian Gulf to the wider international market every day. Data from Vortexa shows that roughly 16 million bpd of oil has been stranded behind the strait and cut off from the global market.

https://finance.yahoo.com/news/oil-price-shock-could-delay-173528937.html

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signalmankenneth said:
Four or five dollar a gallon for gas by end of month, if not sooner?!!:(

Oil prices crossed $100 per barrel for the first time since the early months of the Russian invasion of Ukraine in 2022, with no signs of slowing down in what has been the fastest oil rally since the 1980s.

Futures on international pricing benchmark Brent crude (BZ=F) and US benchmark West Texas Intermediate crude (CL=F) both jumped more than 15% to cross $108 per barrel nearly instantly after trading began at 6 p.m. ET on Sunday. Brent crude and WTI crude have now gained more than 50% and 60%, respectively, since the conflict began.

US futures plummeted into the red as the session opened. Futures on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) both lost roughly 1.5%, while contracts on the Dow Jones Industrial Average (YM=F) lost a deeper 2%.

Since the US and Israel began air strikes against Iran on Feb. 28, killing Supreme Leader Ali Khamenei and stoking violent retaliation from the Iranian regime, oil prices have soared, notching their largest weekly gain since at least 1985.

Critically, the conflict has sent tanker traffic through the Strait of Hormuz to a standstill. Roughly 20 million barrels of oil per day, or a fifth of the world's supply of seaborne crude, crosses the waterway connecting the Persian Gulf to the wider international market every day. Data from Vortexa shows that roughly 16 million bpd of oil has been stranded behind the strait and cut off from the global market.

https://finance.yahoo.com/news/oil-price-shock-could-delay-173528937.html

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Increasing gas prices certainly are not going to help Crazy Trump's sinking approval ratings.
 
signalmankenneth said:
Four or five dollar a gallon for gas by end of month, if not sooner?!!:(

Oil prices crossed $100 per barrel for the first time since the early months of the Russian invasion of Ukraine in 2022, with no signs of slowing down in what has been the fastest oil rally since the 1980s.

Futures on international pricing benchmark Brent crude (BZ=F) and US benchmark West Texas Intermediate crude (CL=F) both jumped more than 15% to cross $108 per barrel nearly instantly after trading began at 6 p.m. ET on Sunday. Brent crude and WTI crude have now gained more than 50% and 60%, respectively, since the conflict began.

US futures plummeted into the red as the session opened. Futures on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) both lost roughly 1.5%, while contracts on the Dow Jones Industrial Average (YM=F) lost a deeper 2%.

Since the US and Israel began air strikes against Iran on Feb. 28, killing Supreme Leader Ali Khamenei and stoking violent retaliation from the Iranian regime, oil prices have soared, notching their largest weekly gain since at least 1985.

Critically, the conflict has sent tanker traffic through the Strait of Hormuz to a standstill. Roughly 20 million barrels of oil per day, or a fifth of the world's supply of seaborne crude, crosses the waterway connecting the Persian Gulf to the wider international market every day. Data from Vortexa shows that roughly 16 million bpd of oil has been stranded behind the strait and cut off from the global market.

https://finance.yahoo.com/news/oil-price-shock-could-delay-173528937.html

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It's hilarious that you had to say since 2022, lol. If you could have skipped the O'Biden disaster, you could have said 'since 2014. Then, if you could have skipped Obama, you could have said, since 2008 when oil jumped to a staggering $147 a barrel, up from $70 less than a year earlier. Why the big spike back in July of 2008?

@Grok:
Geopolitical tensions and supply fears — Ongoing Middle East instability (Iran nuclear concerns, threats of Israeli strikes), Nigerian violence disrupting exports, and fears of broader disruptions added a large "fear premium" to prices.

Pesky details.
 
Tobytone said:
It's hilarious that you had to say since 2022, lol. If you could have skipped the O'Biden disaster, you could have said 'since 2014. Then, if you could have skipped Obama, you could have said, since 2008 when oil jumped to a staggering $147 a barrel, up from $70 less than a year earlier. Why the big spike back in July of 2008?

@Grok:
Geopolitical tensions and supply fears — Ongoing Middle East instability (Iran nuclear concerns, threats of Israeli strikes), Nigerian violence disrupting exports, and fears of broader disruptions added a large "fear premium" to prices.

Pesky details.
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You deflect attempt is rather pathetic and off the wall. .
 
I repeat what I was told the other day....$150 oil is very possible.....and would have many bank failures because of the $700 trillion derivatives market.
 
Tobytone said:
It's hilarious that you had to say since 2022, lol. If you could have skipped the O'Biden disaster, you could have said 'since 2014. Then, if you could have skipped Obama, you could have said, since 2008 when oil jumped to a staggering $147 a barrel, up from $70 less than a year earlier. Why the big spike back in July of 2008?

@Grok:
Geopolitical tensions and supply fears — Ongoing Middle East instability (Iran nuclear concerns, threats of Israeli strikes), Nigerian violence disrupting exports, and fears of broader disruptions added a large "fear premium" to prices.

Pesky details.
Click to expand...
This spike is due to one man. Trump is a stupid man and has acted emotionally his whole life. He gets pissed off like a child, and people die. Oil goes up and people suffer. He will make money every step. Trump does not care about deaths. He doesn't care bout the American people. His voters cannot figure out how conned they are. They applaud and vote for a guy who, if any other politician did what he does, they would hate him.
 
The temporary increases you see at the gas pump are not happening because the United States is running out of oil. We don't buy any from Iran and not much from the Middle East.

The U.S. is currently the largest oil producer in the world.

What’s happening is simple economics.

Oil is priced globally. So even when America produces oil and gas, a global supply shock pushes prices up everywhere.

At the same time, buyers around the world begin competing for alternative supply - including American-produced oil - which temporarily drives prices higher. Markets always react first. Then they stabilize.

Once shipping starts moving again (they're waiting for insurance deals) and the situation settles in the coming days or weeks, energy markets will normalize again.

Short-term volatility. That’s the reality of global markets.

Roughly 20% of the world’s oil normally passes through the Strait of Hormuz.

When that route is deemed too dangerous to insure at current rates, global markets react immediately, as they have now in response to marine re-insurers cancelling hazard coverage while they recalculate the costs ship-owners will have to pay - typically the cost of that coverage extends to between 1 and 3 times the value of a vessel.

Would a shipowner risk a ship through the Strait of Hormuz? They're earning around $500k/day in charter rates. So, I think they will.
 
Nordberg said:
This spike is due to one man. Trump is a stupid man and has acted emotionally his whole life. He gets pissed off like a child, and people die. Oil goes up and people suffer. He will make money every step. Trump does not care about deaths. He doesn't care bout the American people. His voters cannot figure out how conned they are. They applaud and vote for a guy who, if any other politician did what he does, they would hate him.
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This is called selective outrage. He completely ignores what I just pointed out. Why? Because as usual he only wants to tell us about his feeling, pretending he sees the dramatic suffering caused by a temporary rise in gas prices. This is yet another obvious and blatant example of hypocrisy. It's all about their hatred for Trump. They suddenly give a shit about people 'suffering' because of higher gas prices.

If a good leftist was being true to their beliefs, they would be celebrating any increase in the price of oil regardless of the reasons. Democrats have been telling us all for years that we must reduce our usage of fossil fuels and fuel taxes help achieve this important goal. In fact, it's not just 'important' it's existential that we break our dependency of this vile and dirty energy source. We need to spend hundreds of billions of tax dollars to promote green energy, punish those stuck in the old ways and pay for these important initiatives with fuel tax revenue and permit fees, etc. What am I forgetting?

Now? Nordy really cares, he' all busted up inside, lol.
 
signalmankenneth said:
Four or five dollar a gallon for gas by end of month, if not sooner?!!:(

Oil prices crossed $100 per barrel for the first time since the early months of the Russian invasion of Ukraine in 2022, with no signs of slowing down in what has been the fastest oil rally since the 1980s.

Futures on international pricing benchmark Brent crude (BZ=F) and US benchmark West Texas Intermediate crude (CL=F) both jumped more than 15% to cross $108 per barrel nearly instantly after trading began at 6 p.m. ET on Sunday. Brent crude and WTI crude have now gained more than 50% and 60%, respectively, since the conflict began.

US futures plummeted into the red as the session opened. Futures on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) both lost roughly 1.5%, while contracts on the Dow Jones Industrial Average (YM=F) lost a deeper 2%.

Since the US and Israel began air strikes against Iran on Feb. 28, killing Supreme Leader Ali Khamenei and stoking violent retaliation from the Iranian regime, oil prices have soared, notching their largest weekly gain since at least 1985.

Critically, the conflict has sent tanker traffic through the Strait of Hormuz to a standstill. Roughly 20 million barrels of oil per day, or a fifth of the world's supply of seaborne crude, crosses the waterway connecting the Persian Gulf to the wider international market every day. Data from Vortexa shows that roughly 16 million bpd of oil has been stranded behind the strait and cut off from the global market.

https://finance.yahoo.com/news/oil-price-shock-could-delay-173528937.html

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Fuck you asshole. You supported the assassination of your president so, fuck you!
 
signalmankenneth said:
Four or five dollar a gallon for gas by end of month, if not sooner?!!:(

Oil prices crossed $100 per barrel for the first time since the early months of the Russian invasion of Ukraine in 2022, with no signs of slowing down in what has been the fastest oil rally since the 1980s.

Futures on international pricing benchmark Brent crude (BZ=F) and US benchmark West Texas Intermediate crude (CL=F) both jumped more than 15% to cross $108 per barrel nearly instantly after trading began at 6 p.m. ET on Sunday. Brent crude and WTI crude have now gained more than 50% and 60%, respectively, since the conflict began.

US futures plummeted into the red as the session opened. Futures on the S&P 500 (ES=F) and the Nasdaq 100 (NQ=F) both lost roughly 1.5%, while contracts on the Dow Jones Industrial Average (YM=F) lost a deeper 2%.

Since the US and Israel began air strikes against Iran on Feb. 28, killing Supreme Leader Ali Khamenei and stoking violent retaliation from the Iranian regime, oil prices have soared, notching their largest weekly gain since at least 1985.

Critically, the conflict has sent tanker traffic through the Strait of Hormuz to a standstill. Roughly 20 million barrels of oil per day, or a fifth of the world's supply of seaborne crude, crosses the waterway connecting the Persian Gulf to the wider international market every day. Data from Vortexa shows that roughly 16 million bpd of oil has been stranded behind the strait and cut off from the global market.

https://finance.yahoo.com/news/oil-price-shock-could-delay-173528937.html

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The PM of Japan has probably been in touch with DonOld.
 
Phantasmal said:
The PM of Japan has probably been in touch with DonOld.
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How did this moron become a staff member? My guess? CA has a program, something like 'Hire mentally handicapped 'persons who menstruates' and get 10 cents off from every gallon of gas. I heard Damo drive a huge Humvee, so that can really add up. Come on Damo, how much are you saving?
 
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