Oil prices soared to their highest level in more than a month yesterday after Joe Biden said an Israeli airstrike on Tehran’s oil facilities was under discussion.
The cost of Brent crude oil rose by more than 5%, global stocks have “tumbled” and the price of gold “spiked”, said The Telegraph. Experts have warned that the escalating conflict in the Middle East could “send a chill through the global economy”, said The New York Times.
An attack on Tehran’s oil infrastructure could “damage the Iranian economy”, said the NYT, and limit the amount of oil the country exports. This in turn “could affect China in particular, a huge buyer of Iranian oil”. Tehran could choose to retaliate by trying to block the Strait of Hormuz or attack ships sailing through the region, “snarling the shipments of oil” and “upsetting supply chains more broadly”.
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