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Oil prices are expected to rise when markets open on Monday following Iran’s attack on Israel over the weekend after they reached a six-month high on Friday, according to analysts.
Iran launched over 300 drones and missiles at Israel from Iran, which the Israeli Defense Forces repelled the bulk of with assistance from the U.S., France, Jordan and the United Kingdom. The Israel Defense Force (IDF) said that only a “few” missiles and drones entered Israel and caused “minor damages” at the Nevatim Airbase.
Iran’s attack comes weeks after Iran blamed Israel for an attack on the Iranian consulate in Syria, which killed a top commander of the Iranian Revolutionary Guard Corps’ overseas Quds Force. It’s the first time Iran has launched strikes on Israel despite more than four decades of hostilities between the two countries.
The report explains that on Friday, even before Iran had launched their attack against Israel, concerns over the expected retaliation pushed oil prices to their highest level since October.
“Potential impacts on the shipping transiting through the Strait of Hormuz, a chokepoint for about one-fifth of the world’s total oil consumption, will also factor into markets’ pricing,” Fox Business explained.
oil prices since january
not what the biden administration wants to see pic.twitter.com/bq93lI1H0e
— ian bremmer (@ianbremmer) April 14, 2024
In addition to the Israel-Iran conflict, Biden has taken another step that will causes energy prices to rise.
Radio host Mike Netter wrote: “The Biden administration on Friday finalized a rule that will make it more expensive for oil and gas companies to drill on public lands, despite soaring energy prices and inflation still trending upwards.”
“The Department of the Interior announced it has revised the Bureau of Land Management’s (BLM) oil and gas leasing regulations, which will raise royalty rates for the first time in 100 years and update the federal onshore oil and gas leasing framework. Under the new rule, the minimum royalty rate the government is paid will jump from 12.5% of revenue to 16.67%. Not a good way to relieve inflation.”
The Biden administration on Friday finalized a rule that will make it more expensive for oil and gas companies to drill on public lands, despite soaring energy prices and inflation still trending upwards.
The Department of the Interior announced it has revised the Bureau of Land…— Mike Netter (@nettermike) April 15, 2024
As energy prices soar, Biden administration jacks up costs to drill on public lands https://t.co/dvjqe4ARlL
— FOX Business (@FoxBusiness) April 14, 2024
Former President Donald Trump was asked about the situation with Iran in a press conference Friday. Below is his response:
BREAKING: DONALD TRUMP OFFICIAL STATEMENT
“Iran was in no position to attack.
They had no money, but now they have $221 billion. And Iraq, who’s become Iran’s subsidiary, has $300 billion.
We’re in a very dangerous period because we have a grossly incompetent president.” pic.twitter.com/6MSlDBlqvf
— Sulaiman Ahmed (@ShaykhSulaiman) April 14, 2024
To get more information about this article, please visit FOX Business. To weigh in, leave a comment below.
The post REPORT: Iran’s attack on Israel expected to have major impact on energy prices appeared first on Dennis Michael Lynch.
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