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resolution to the conflict, which has lasted more than five
months, could give oil shippers the ability to send vessels out
of the Persian Gulf, where tankers of oil and other products
have been trapped during the fighting.
The price of U.S. crude oil fell 5% to $80.79 per barrel Sunday
night. The price of Brent crude, the international standard,
fell 5% to $83.87 per barrel.
Oil prices have been swinging widely since the U.S. and Israel
launched attacks on Iran in late February, pushing past $100 per
barrel multiple times during the spring.
As the conflict continued, high oil prices seeped into the cost
of gasoline, jet fuel and many other products that are delivered
using diesel. Motorists have paid more at the pump and customers
shelled out more for airfare due to higher jet fuel costs. In
some countries, fuel supplies ran low, leading to rationing and
sporadic closures of schools and government offices.
Meanwhile, oil and gas companies amassed huge profits in the
spring due to the high oil, gasoline and diesel prices that
resulted when petroleum shippers couldn't get through the
critical Strait of Hormuz, a narrow waterway that borders Iran,
due to the fighting.
Prices for U.S. crude oil on Sunday night remained about 20%
higher than before the conflict began.
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