Global pain at the pump felt due to conflict in Iran
The U.S. war in Iran has had significant economic repercussions globally, including major disruptions to oil supply stemming from the restriction of a critical oil shipping route, the Strait of Hormuz, for one-fifth of the world’s oil. The war is causing oil and gas prices to surge, and motorists worldwide are feeling the impact.
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Before the Iran war, the global economy consumed about 101 million barrels of oil a day. Brent crude is trading at over $100 a barrel.
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