Some of the world's top oil executives and energy ministers in Houston on Monday expressed growing concern over the long-term effects of the U.S.-Israel war with Iran on the global economy…
Some of the world's top oil executives and energy ministers in Houston on Monday expressed growing concern over the long-term effects of the U.S.-Israel war with Iran on the global economy, while the U.S. Energy Secretary Chris Wright downplayed the crisis.
The war has caused one of the biggest disruptions to energy supplies in history after Iran effectively closed the key Strait of Hormuz shipping route and as attacks in the Middle East inflict long-term damage on production infrastructure in several countries. Global benchmark Brent crude was still at $99 a barrel on Monday afternoon, even after a selloff driven by President Donald Trump's remarks that he was in talks with Iranian officials to end the conflict.
"The consequence is not only high energy prices. It will damage other supply chains,” said Patrick Pouyanne, CEO of TotalEnergies TTEF.PA, pointing also to disruptions of helium shipments from the Middle East. Helium is key for semiconductors and medical supplies.
Wright, speaking at the annual CERAWeek conference in Houston, said oil prices had yet to climb high enough to hurt demand. Gasoline prices have soared by more than 30% to their highest level since 2022 at nearly $4 a gallon since the conflict started.
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