Energy Prices Surge as Tanker Disruptions and Facility Shutdowns Rattle Global Supply

Oil prices rose sharply Monday as disruptions to tanker traffic through the Strait of Hormuz raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy. 

U.S. oil traded 7.6 percent higher at $72.12 per barrel, while international standard Brent was up 8.6 percent at $79.11 per barrel. Natural gas futures in Europe jumped more than 40 percent after Qatar, a major supplier, halted production due to the conflict. 

Higher oil prices raise the prospect of costlier gasoline for U.S. drivers as well as increased prices for other goods at a time when people in many countries, including the U.S., have been stung by unwavering inflation.

Please select this link to read the complete article from The Associated Press.