{"id":45658,"date":"2024-10-03T15:48:35","date_gmt":"2024-10-03T15:48:35","guid":{"rendered":"https:\/\/gulftimes.ae\/oil-price-rises-on-biden-iran-oil-strike-comments\/"},"modified":"2024-10-03T15:48:35","modified_gmt":"2024-10-03T15:48:35","slug":"oil-price-rises-on-biden-iran-oil-strike-comments","status":"publish","type":"post","link":"https:\/\/gulftimes.ae\/?p=45658","title":{"rendered":"Oil price rises on Biden Iran oil strike comments"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas and electricity bills, pushing up the rate of inflation.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">So far this year, weaker demand from China and ample supply from Saudi Arabia have acted to hold down oil prices.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The reaction in oil markets has, so far, been far more muted than, for example, to Russia\u2019s invasion of Ukraine in 2022.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">But the escalation of violence in the Middle East and threat of further action is now stalking the markets.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Of particular concern is whether any escalation could block the Straits of Hormuz, through which a third of oil tanker traffic and a fifth of LNG frozen gas has to pass.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Since Russia\u2019s war with Ukraine began, the world has become more dependent on shipped frozen gas in LNG tankers.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Even if it is Asia that is most physically dependent on the flow of oil and gas out of the Persian Gulf, the immediate price impact of such developments would be significant.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Bank of England governor Andrew Bailey warned on Thursday of the \u201cvery serious\u201d potential impact and that he was watching developments \u201cextremely closely\u201d.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">All this could come at the very moment the world\u2019s central bankers declared a quiet victory over the three-year inflation shock from the pandemic and Ukraine war.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">It may help explain why G7 leaders are trying to moderate the expected response from Israel to Iran\u2019s attack.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.com\/news\/articles\/cx250ygn9ddo\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Any extended rise in energy prices raises the possibility of higher petrol prices and increased gas&hellip;<\/p>\n","protected":false},"author":1,"featured_media":45661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[29],"tags":[859,3179,224,610,2749,1738,189],"class_list":["post-45658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories","tag-biden","tag-comments","tag-iran","tag-oil","tag-price","tag-rises","tag-strike"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.0 (Yoast SEO v27.4) - 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