Oil and Gas Prices Rapidly Rise as Iran War Shows No Signs of Relenting

The price of oil surged higher and showed no signs of abating a rapid climb a week after the U.S. and Israel launched major attacks on Iran that escalated into a another war in the Middle East.

The conflict, in which nearly every country in the Middle East has sustained damage from missiles or drone strikes, has left ships that carry roughly 20 million barrels of oil a day stranded in the Persian Gulf, unable to safely pass through the Strait of Hormuz, the narrow mouth of the Gulf that is bordered on its north side by Iran.

The shipping disruption and damage to key Middle East oil and gas facilities has interrupted supplies from some of the world's largest oil producers. Kuwait, for example, said on Saturday that it would reduce its oil production as a "precautionary" measure due to the war, which could jolt global energy markets even further.

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