Oil and Gasoline Prices Spike as War Disrupts Shipments

Ellen Wald, President of Transversal Consulting, talks about the impact of the Iran war on oil markets. Benchmark diesel futures rose by 23%, oil surged the most in four years, and European natural gas prices soared. Tanker traffic through the Strait of Hormuz has effectively stopped.

The publisher of the Middle East’s main oil benchmark said it won’t accept bids and offers for some grades inside Hormuz, underscoring exactly how the conflict is upending the pricing of grades that are key to some of the world’s biggest oil benchmarks.
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