Oil reached US $ 90 per barrel for the first time in 2 years
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US crude oil prices rose above $90 a barrel on Friday for the first time in more than two years.
That’s down slightly from $73 a week ago, on the eve of a new war launched by the US and Israel against Iran and its proxies.
The escalating war in Iran and the threat of Iranian drone or missile attacks has closed almost all tanker traffic through the Strait of Hormuz, the only sea route out of the Persian Gulf and the conduit for 20 percent of the world economy’s oil needs.
Tankers traveling through the strait, which borders Iran to the north, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran.
US Energy Secretary Chris Wright told Fox News on Friday that he expected the price increases to last for “weeks, if not months.”
“Look, Iran has been a driver of energy price increases for 47 years, the entire history of their rule,” Wright explained. Fox and Friends. “Right now we have a little bit of a deterrent to finally end their ability to wreak havoc, kill Americans and terrorize their neighbors.”
Gas prices in the US have risen an average of 34 cents a gallon in the past week to $3.32, or 120 cents a liter.
Gas prices in Canada rose to 135.3 cents a liter after the air strikes began for the first time last weekend, according to GasBuddy.com. The average was 128.8 cents a month ago.
Gas Wizard, a website that tracks gas prices across the country, estimates the price per liter could be around 153 cents on Saturday.
