It's important to clarify that these are the trading prices at the main oil futures exchange in London. The spot prices in the landing hubs like Gujarat, Odisha and Singapore are significantly higher.

If you or your firm handles trucking or mining or tractors or something like buses, stock up on additives where the vast majority of production (like brake fluid, AdBlue (DEF) and gear oil) is Asian now before they get even more expensive. To give a sense of perspective, I've seen prices for transmission fluid and antifreeze almost double month-on-month in England where I am.

Israeli Defense Minister said earlier today that “Significant surprises are expected today across all arenas that will escalate the war to a new level.” And now they have targeted the world's largest gas field (shared with Qatar).

Iranians have said they would retaliate against oil fields and refineries in Israel and the Gulf. But since the majority of US air defenses have been diverted in defense of Israel it looks like the gulf arab states will bear the brunt of the retaliation. It looks like they have already successfully struck targets in Saudi Arabia[1] and Qatar[2].

This is the moral hazard in action as a result of unconditional support for the rogue-state that is Israel . Israel continues to escalate since they face little of the consequences - being under the US security umbrella. It is the rest of the world that pays the price instead (apart from Russia). In a sane world we would be changing this equation such as by pulling air defense, air support, lethal aid, air tankers support, EWACs, intelligence and satellite sharing, defense away from Israel. But the Trump administration and indeed the collective west seems to be under the chokehold of the Israel lobby.

[1] - https://x.com/MenchOsint/status/2034348372346245584 (alt : https://xcancel.com/MenchOsint/status/2034348372346245584 )

[2] - https://x.com/MenchOsint/status/2034340405060194649 (alt : https://xcancel.com/MenchOsint/status/2034340405060194649)

With this prices it is cheaper to make fuel from coal, the break even price was about 80-90 USD/barrel. And if this continues for months this will pushes wind and solar and electrical cars making natural gas and oil much less relevant. Maybe that was the plan.

Earlier:

Iran's South Pars Gas Field Is Attacked by Israel, Sending Energy Prices Soaring

https://news.ycombinator.com/item?id=47428611

Again the US admin proves how dumb they are, even Pres. Bush II knew it would be real stupid to attack Iran.

But one thing, higher oil prices may get the US to really get working to avoid Climate Change. Yes, some progress has been made, but real CO2 emissions is increasing. The only time it decreased a bit was during the Covid Shutdown.

But one plus may occur, higher price of oil.

Yes, higher prices will cause suffering with the poor and middle classes, but that suffering pales in comparison to what +1.5C will cause. We are already on track for more then 2C. Suffering from that will be far worse than $150 USD price per barrel. Better to take a small hit now and hope it can keep us below 1.5C then trying to live with 2C.

Yes, I posted this knowing it will be down-voted, but cheap oil only makes +3C guaranteed to happen. Who cares about the young anyway /s

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btw fertilizer prices are now 40% higher

this is going to destroy world economy on every angle

fuel and now food

it's like the Israeli's figured out the answer to their problem was to make it everyone's problem

how about we stop giving them offensive weapons, defensive only or we'll be going through this every decade

The natural gas field strike very conveniently increases the EU dependencies on US LNG. The diversification via Qatar had already been shut down, now Israel drives the Iranian gas buyers to compete on the world market.

It is a great plan. The Gulf Monarchies are weakened (that is what you get for your Trump bribes ...), the EU is weakened, and the US controls all energy flows.

China can use the land route to Russia. The EU is going to commit economic suicide instead.

I read this to mean a labor-strike at first glance