In response, global oil and LNG prices have surged. On March 5, Brent crude was trading at $83.80 per barrel, up almost 3% from the previous day. U.S. West Texas Intermediate crude rose 3.4% to $77.15 per barrel. And after Qatar shuttered production at the world’s largest LNG facility, Asia’s LNG prices soared to its highest level since 2023, Bloomberg reported.
OPEC top producers, including the Saudis and the UAE, are pledging to ramp up their oil volumes to help solve the growing energy crisis, but they can only do so much without tankers moving through the Strait of Hormuz.
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