Charting the Global Economy: Oil Storms Higher on War Escalation
Oil rallied Thursday after Donald Trump vowed an escalation in the war in Iran over the coming weeks, a move that could prolong disruptions to energy flows through the vital Strait of Hormuz.
Photographer: SeongJoon Cho/BloombergIran targeted more sites in Arab Gulf states overnight and into Friday, hours after US President Donald Trump issued fresh threats against Iranian infrastructure to pressure Tehran to start peace negotiations.
Abu Dhabi suspended operations at its largest natural gas processing facility, while a drone attack caused a fire at Kuwait’s Mina Al Ahmadi oil refinery, with a capacity of 346,000 barrels a day. On Thursday, oil rallied above $110 a barrel.