Oil Prices Have Higher to Go, IEA Warns
The agency says the numbers don’t yet reflect the severity of an unprecedented supply crisis.
Following a dramatic weekend of failed peace talks—tied to a ceasefire one of the parties says isn’t yet in place—the US raised the stakes again in the Iran war, this time with a blockade of Iranian shipping. Oil rose on Monday, with Brent and West Texas Intermediate at a little under $100.
Questions remained around confused messaging from the White House, what exactly will be blocked, whether Iran will exact a threatened toll for what it calls “piracy,” and now the possibility of a second round of talks. But one thing does seem more likely than not: as far as energy prices are concerned, the worst is yet to come.