Global Oil Prices Spike Aggressively After US Bombs Iran’s Qeshm Island

Reckless Military Action Shocks Markets

Global oil prices spiked aggressively at the start of Asian trading today. Terrifying reports indicate the United States just bombed Iran’s Qeshm Island. This reckless military action raises massive fears of an uncontrollable regional war. The bitter eight-month conflict threatens to destroy Middle Eastern oil supplies completely. Brent crude futures quickly jumped 48 cents to hit $105.25 a barrel. U.S. West Texas Intermediate crude also rose exactly 0.5 percent today. That brings the American crude price to a worrying $96.93 a barrel.

Supply Chains Cannot Survive This

Brent crude had previously settled at a low $104.77 a barrel on Monday. It suffered a massive 7.63 percent drop before this new violent escalation. Brent crude previously ended October sitting at a frightening six-month high. The global energy market remains incredibly fragile and highly volatile right now. Traders terrified of the US midterm elections just received another massive shock. Conflict in the Middle East always forces desperate buyers to pay a massive premium. The global supply chain simply cannot handle another major disruption right now. Governments need to stop launching missiles before they destroy the global economy entirely.

Terrified of how war impacts your wallet? Track the global chaos directly on Oman Day.