Oil jumps 10% on Iran conflict and could spike to $100 US a barrel, analysts say (www.cbc.ca)

submitted 18 hours ago by HellsBelle@sh.itjust.works to c/canada@lemmy.ca

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Brent crude jumped 10 per cent to about $80 US a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 US after U.S. and Israeli strikes on Iran plunged the Middle East into a new war.

The global oil benchmark has rallied this year and reached $73 US a barrel on Friday for its highest since July, buoyed by growing concern over the potential attacks that arrived a day later. Futures trading is closed over the weekend.

"While the military attacks are themselves supportive ⁠for oil prices, the key ⁠factor here is the closing of the ‌Strait of Hormuz," said Ajay Parmar, director of energy and refining at ICIS.

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[-] Yaztromo@lemmy.world 5 points 14 hours ago

One of the absolute best things I ever did for our household finances was to ditch virtually all of our gas-burning devices/vehicles. We’re down to one HEV (my wife’s car) as our only gas burner. My BEV replaced both our old ICE vehicle and our portable gas generator. Ensured our lawn mower and yard tools are all battery operated. That one HEV is the last gasoline albatross around our neck, and so we only use it for my wife’s commute.

We’re closer than ever, and I look forward to the day her car is paid off and we can replace it with another BEV, and get off the gasoline trampoline forever. If I never have to buy another litre of gasoline in my lifetime, it will still be too soon.