Global markets sink, fuel prices soar as Iran hits Gulf refineries in multiple countries

The broken in economical argumentation for ruff’s war on Iran | About That

Social media video shows falling projectile near Aramco facility in Saudi Arabia

Bank of Canada governor on what oil price increases mean for Canada

How is war in the Middle East affecting flight prices for Canadians?

The Strait of Hormuz kill box | About That

Why the U.S. Hasn’t totally wiped out Kharg Island — yet

Will high oil prices choke or lift the economy? The Bank of Canada can't say

Iran vows retaliation after strikes hit gas fields, kill top official

Global gas prices are surging as Iran ramps up attacks on oil and gas facilities across the Persian Gulf. These strikes are a retaliation for an Israeli operation against the South Pars natural gas field.

Here's where gas prices stand at the moment:

There's a saying among election strategists in the U.S. That some of the most politically influential billboards that American voters see during a campaign are the ones showing the price of gas.

Those signs right now are showing prices higher than drivers have seen for nearly 3½ years. Polling suggests most U.S. Voters don't support the war and blame Trump for the rising costs. 

The national average price for a gallon of regular gas is now $3.88 US — the highest since October 2022 according to AAA, the automotive and travel services firm. That's up 89 cents since the war started at the end of February. 

It's an even sharper spike than occurred at the beginning of Russia's 2022 invasion of Ukraine, which eventually led to the highest gas prices ever seen in the U.S. When the national average hit $5.01 US per gallon that June.

The U.K., France, Germany, Italy, The Netherlands and Japan have issued a joint statement on the Strait of Hormuz. 

The nations say that they "condemn in the strongest terms recent attacks by Iran on unarmed commercial vessels in the Gulf" and are "calling on Iran to cease immediately its threats, laying of mines, drone and missile attacks and other attempts to block the strait."

The statement says the countries "express their readiness to contribute to appropriate efforts to ensure safe passage through the strait," adding they "will take other steps to stabilize energy markets, including working with certain producing nations to increase output and support the nations most affected."

The group called for "an immediate comprehensive moratorium on attacks on civilian infrastructure, including oil and gas installations."

This statement was not directly connected to the EU leaders' summit taking place in Brussels today. 

EU countries have so far indicated that although there is a lot their nations can do in the Strait of Hormuz, it can only be done when the guns are silenced.

With oil prices swelling in the wake of Iran's attack on energy facilities in Kuwait and Qatar, North American markets dropped steeply this morning.

The Dow Jones Industrial Average was down 260 points or 0.5 per cent, the S&P500 was down 0.6 per cent, and the Nasdaq was down 0.9 per cent around 9:40 a.m. ET. Brent Crude was priced at $112 US., while WTI sat around $97 US.

European Union leaders are meeting for a two-day summit in Brussels — and the member nations are nervous. 

They have been here before, when energy prices skyrocketed after Russia's wide-scale invasion of Ukraine. This time leaders want to be prepared. 

Gas prices are already soaring across the European continent. EU leaders are split on how to deal with the issue.

Some want the European Commission to take responsibility and intervene immediately in the energy markets for short-term cost cuts. Others want the EU to remain focused on longer-term goals such as pushing for renewables with less reliance on fossil fuels and allowing individual leaders to decide how to deal with rising costs for consumers.

French President Emmanuel Macron warned of a "reckless escalation" if Middle Eastern energy infrastructure continues to be attacked, while Kaja Kallas, the EU's top diplomat, warned that Iran's attacks on Qatar energy infrastructure create "further chaos."

On Iran's blockage of the Strait of Hormuz, Dutch Prime Minister Rob Jetten said the Netherlands is ready to protect European partners. But he said that "at the moment there is no clear indication that there is a proper proposal for a mission," adding that the situation there is "too volatile."

Some European nations are already taking action. In Italy, the government has approved a temporary fuel price cut. In Germany, the government is set to approve a law permitting gas stations to increase prices only once a day at midday.

Treasury Secretary Scott Bessent was on Fox News this morning. He said the U.S. Might soon lift sanctions on Iranian oil that is stranded in tankers at sea to bump up global supplies and bring prices down.

"In the coming days, ‌we may un-sanction the Iranian oil that's on the water. ⁠It's about 140 ⁠million ⁠barrels," ⁠Bessent said. The secretary had previously mentioned in a March 6 interview that the U.S. Was looking to lift sanctions on other Russian oil.

Global gas prices are surging as Iran ramps up attacks on oil and gas facilities across the Persian Gulf. These strikes are a retaliation for an Israeli operation against the South Pars natural gas field.

Here's where gas prices stand at the moment:

Taking questions from journalists from right-wing media outlets, Hegseth again refused to put any time frame on the war.

"We're looking at metrics very closely … and have even more of an exact sense of what we're striking and why," he said.

"It will be at the president's choosing ultimately where we say, 'Hey, we've achieved what we need to on behalf of the American people to ensure our security.' So, no time set on that but we're very much on track."

Joint Chiefs Chairman Gen. Dan Caine says U.S. Operations are intensifying, with forces now striking deeper into Iranian territory and targeting underground missile facilities using 5,000-pound penetrator weapons. 

"The pressure will continue," Caine said. 

He said the U.S. Is hitting naval assets, mine depots and drone capabilities, and has deployed A-10s and Apache helicopters to the region to counter threats in the Strait of Hormuz and beyond.

Caine began his remarks by honouring six fallen U.S. Tanker crew members.

Hegseth suggested the Iranian military has built tunnels "just like Hamas," which Israel repeatedly used to explain its vast destruction of civilian infrastructure in Gaza. 

"They've poured any economic development into tunnels and rockets, missiles and drones, and buried facilities. But we are hunting them down, methodically, ruthlessly and overwhelmingly like no other military in the world can do," Hegseth said. 

He said the U.S. Had destroyed 120 Iranian military ships, as well as the country's submarine fleet of 11 and "crippled" Iranian navy ports.

U.S. Secretary of War Pete Hegseth is speaking with reporters.

While addressing reporters, Hegseth pushed back against concerns the conflict could turn into a prolonged war, saying Operation "Epic Fury is different; it's laser-focused."

Nineteen days into the conflict, he said the U.S.'s objectives remain "unchanged, on target and on plan; destroy missiles, launchers and Iran's defence industrial base so they cannot rebuild; destroy their navy and Iran never gets a nuclear weapon."

Hegseth said the U.S. Has struck more than 7,000 targets across Iran’s military infrastructure so far, with the largest strike package of the war expected today, "just like yesterday was."

He called Iranian leadership's roles "temp jobs," saying that U.S. Capabilities are increasing while Iran's are degrading.

---

---