Oil Prices Surge Overseas, Gold Slumps, As Iran War Escalates
Overseas oil prices surged after Iran struck a liquefied natural gas facility in Qatar and oil refineries in Kuwait and Saudi Arabia. The attacks, which followed Israel's strikes on a natural gas field where both Iran and Qatar operate, may signal a new phase of the war threatening more serious consequences for the global economy. Refiners in general are benefiting as they raise prices for refined products such as gasoline and diesel ahead of advancing crude oil prices, increasing their profit margins.
Overseas oil prices surged after Iran struck a liquefied natural gas facility in Qatar and oil refineries in Kuwait and Saudi Arabia. The attacks, which followed Israel's strikes on a natural gas field where both Iran and Qatar operate, may signal a new phase of the war threatening more serious consequences for the global economy. Refiners in general are benefiting as they raise prices for refined products such as gasoline and diesel ahead of advancing crude oil prices, increasing their profit margins.