Oil and the security of its supply have stolen the media spotlight in the context of the new Middle East war, and with good reason. Ever since Israel first bombed Iran, diesel prices have soared, jet fuel prices have soared, and importers have been troubled. For Europe, the situation is even worse due to natural gas.
Crude oil prices spiked after Israel assassinated Hamas’s political leader on Iranian soil, leading to threats of retaliation from Tehran.
The ongoing conflict in the Middle East, combined with record US oil demand, has created a bullish environment for oil prices.
Early on Thursday morning, WTI was trading around $78.50 while Brent had climbed above $81.