Oil prices surge, turmoil in Guinea
Oil prices surged by 10%, reaching their highest levels since 2022, as tensions escalated between the U.S., Israel, and Iran following military actions in the region. This spike was influenced by Saudi Arabia’s decision to cut production amid disruptions caused by the conflict, particularly affecting the vital Strait of Hormuz through which a significant portion of the world’s oil is transported. However, fears of inflation and economic slowdown due to soaring energy prices led to some paring of gains. Analysts noted that the market is showing signs of backwardation, indicating immediate supply shortages. Switzerland has voted to end its joint […]
