Oil Prices Rise Amid US-Iran War
Oil prices moved higher on Wednesday. Markets watched US-Iran war developments.
Oil rose to $85 per barrel. Traders awaited a possible release of emergency government reserves.
An attack on Iran has disrupted oil supplies. The International Energy Agency reportedly considers its largest-ever release of emergency crude stockpiles.
Iran is said to have laid naval mines in the Hormuz Strait. Oil markets fell and picked up again on Wednesday.
Klear Note — The Hormuz Strait is a narrow waterway between Iran and Oman. Most of the world's oil passes through it. Naval mines can block ships and disrupt oil supplies.
Key Terms 4
- International Energy Agency Global group that manages emergency oil reserves for member countries
- emergency crude stockpiles Large stores of oil kept by governments for supply crises
- Hormuz Strait Narrow sea passage in Middle East where much of world's oil travels
- naval mines Underwater bombs placed in water to damage or sink ships