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POLITICO Energy
What is the global energy cost to the Iran-Israel conflict?
Oct 7, 2024
Ben Lefebvre, an energy reporter for POLITICO, dives into the current dynamics of global energy markets amidst the Iran-Israel conflict. He discusses why oil prices remain surprisingly stable despite geopolitical tensions. Lefebvre highlights the shift in global production, emphasizing the U.S.'s leading role. Additionally, he touches on the upcoming Supreme Court scrutiny regarding the Nuclear Regulatory Commission's authority on temporary nuclear waste storage, linking energy policy and international conflict.
06:09
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Quick takeaways
- Despite rising tensions in the Israel-Iran conflict, global oil prices remain stable due to increased production from other countries.
- The potential for price disruption exists if key shipping routes like the Straits of Hormuz are threatened amid escalating hostilities.
Deep dives
Impact of the Israel-Iran Conflict on Oil Prices
The ongoing Israel-Iran conflict has created a unique situation in the energy markets, with oil prices remaining relatively stable despite rising tensions. Historically, such conflicts would trigger spikes in oil prices, often reaching close to or exceeding $100 per barrel. However, current prices hover around $75, which is significantly lower than previous peaks seen earlier in the year. This stability is attributed to various factors, including a decrease in Iran's oil production and the emergence of other oil-producing countries like the United States and Brazil, which have bolstered global supply.
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Discover
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