(Undated) — Oil prices are reacting to the U.S.-Iran conflict. GasBuddy Head of Petroleum Analysis, Patrick De Haan, says the conflict has “destabilized global energy markets,” driving up oil prices.
De Haan says that while part of the surge is due to Iran being a major oil producer, he says it is more likely focused on the Straight of Hormuz.
De Haan says, despite these factors, there really isn’t a need for alarm, as oil prices are seeing a “measured response.” However, the situation at the Straight continues to be a concern as nearly 150 tankers have been left stranded.
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