Oil Hits $100 Again Because Iran and the US Can't Stop Fighting
Gas prices are about to ruin your weekend plans as the global standoff keeps heating up.
It’s official: oil just crossed the $100 mark for the first time since July. Because things weren't expensive enough already, the US and Iran are back to trading punches, and the oil market is predictably losing its mind.
The latest drama involves a U.S. strike on a wedding in Iran that killed five people, followed by Iran sending drones to attack U.S. bases across the Middle East. Then, the US Central Command decided to sink five Iranian oil tankers, which pretty much turned the Strait of Hormuz into a high-stakes obstacle course.
Goldman Sachs is already whispering about prices potentially hitting $120. It turns out that when you start blowing up the world’s fuel supply, people get a little twitchy about their energy bills.
It’s almost like bombing wedding parties isn't the best way to keep global markets stable.
Source: ABC News
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