Oil Spikes as Widening Iran Crisis Disrupts Flows Through Hormuz


The war marks a dangerous new phase for the global oil market. The US and Israel fired missiles at targets across Iran on Saturday, while urging local people to overthrow the Islamic regime. Tehran responded with a wave of strikes against Israel, as well as US bases and other targets in states including Saudi Arabia, Qatar, the United Arab Emirates, Kuwait and Bahrain. Iran’s Supreme Leader, Ayatollah Ali Khamenei, was killed.



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