Feed aggregator

Global oil prices jumped sharply Monday as the ongoing war with Iran raised fears about energy production and shipping routes in the Middle East, sending shockwaves through financial markets before prices later eased.

Brent crude, the global benchmark for oil, climbed to nearly $119.50 per barrel earlier in the day before retreating and trading closer to $105 per barrel.

West Texas Intermediate, the main U.S. oil benchmark, also surged, briefly reaching $119.48 per barrel before slipping back to around $102.

Meanwhile, the conflict continued to impact civilian infrastructure. Bahrain accused Iran of targeting a desalination facility that provides essential drinking water supplies.

Following an Iranian strike that ignited a major fire at one of its refineries, Bahrain’s national oil company declared force majeure on its shipments, invoking a legal clause that frees it from contractual obligations due to extraordinary circumstances.

In Tehran, oil storage sites were left burning after overnight Israeli strikes hit the area.

Energy markets have been increasingly rattled as the war, now entering its second week, spreads to regions and infrastructure central to the production and transport of oil and natural gas from the Persian Gulf.

Prices later eased somewhat after The Financial Times reported that several members of the Group of Seven industrialized nations were considering releasing oil from their strategic reserves to calm the markets. The report, which cited unnamed sources familiar with the discussions, has not been officially confirmed.

President Donald Trump addressed the issue Saturday and appeared to dismiss the need to tap into the United States’ Strategic Petroleum Reserve, saying domestic supplies remain sufficient and predicting that prices will decline soon.

The Strait of Hormuz, one of the world’s most critical oil shipping routes, normally sees about 15 million barrels of crude pass through daily — roughly 20 percent of global supply — according to research firm Rystad Energy.

However, the growing threat of Iranian missile and drone strikes has effectively halted tanker traffic carrying oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the United Arab Emirates and Iran through the narrow passage, which lies along Iran’s northern coastline.

With exports slowed dramatically, Iraq, Kuwait and the UAE have begun cutting production as storage facilities fill up. At the same time, oil and gas infrastructure has been struck in attacks carried out by Iran, Israel and the United States since the war began, further tightening supply.

The sharp rise in oil and natural gas costs is already pushing fuel prices upward worldwide, with ripple effects spreading through industries and hitting Asian economies particularly hard because of their dependence on Middle Eastern energy imports.

Iran itself exports about 1.6 million barrels of oil each day, much of it destined for China. Beijing has urged an immediate halt to the fighting, and disruptions to Iranian exports could force China to secure alternative supplies, which could push energy prices even higher.

“All parties have their responsibility to ensure stable and smooth energy supplies,” Chinese Foreign Ministry spokesman Guo Jiakun said in a briefing Monday. “China will take necessary measures to safeguard its own energy security.”

South Korean President Lee Jae Myung also addressed the crisis Monday, warning that authorities would strictly punish oil refiners and gas station operators found hoarding supplies or manipulating prices. He also urged the country to explore alternative sources of energy that do not rely on shipments through the Strait of Hormuz.

Across Southeast Asia, motorists have already begun feeling the effects of the price spike, with long lines forming at fuel stations.

“Higher oil and gas prices will affect everyone and our economy,” said Le Van Tu, who was waiting outside a gas station in the Vietnamese capital Hanoi. “All activities, including those using petrol based transportation will be affected.”

The last time oil prices reached similar levels was in 2022, following Russia’s invasion of Ukraine, when Brent crude and U.S. oil futures climbed sharply.

Rising energy prices tend to push inflation higher, increasing costs for households and reducing consumer spending — a key driver of economic growth in many countries. These concerns have already spilled into financial markets, sending stock prices sharply lower.

In the United States, the average cost of a gallon of regular gasoline climbed to $3.48 early Monday, nearly 50 cents higher than a week earlier, according to data from AAA. Diesel prices also jumped, rising more than 80 cents over the past week to about $4.66 per gallon.

Some analysts warn that if oil prices remain above $100 per barrel for an extended period, the global economy may struggle to absorb the impact.

Natural gas prices in the United States have also risen during the conflict, though not as dramatically as oil. Early Monday, natural gas was trading at about $3.34 per 1,000 cubic feet, compared with $3.19 at Friday’s close.

{Matzav.com}

Israeli police say they have arrested a suspect in last month’s riot in the city of Bnei Brak, where a police motorcycle was set ablaze during violent clashes that erupted after a mob confronted two female soldiers in the area. Authorities identified the suspect as a 16-year-old from Ashdod, who was taken into custody Monday […]

Dozens of American students studying in Tzefas returned to the United States on Sunday after an extended and complicated trip that took them through Jordan, following the shutdown of Israeli airspace at the start of the war with Iran.

The group included Chabad-Lubavitch yeshiva bochurim and seminary students from the Tze’irei Hashluchim–Mesivta yeshiva and Beis Rivka Seminary in Tzefas. Before the conflict erupted, the students had intended to travel to Georgia after completing an intensive learning program.

When the war broke out and Ben Gurion Airport was closed, those travel plans were abruptly canceled, leaving the students stranded in Israel.

According to a report published by the COLlive website, approximately thirty students reached out to a U.S.-based rescue organization, which arranged for them to cross into Jordan and then continue onward with flights to Europe and eventually back to the United States. On Purim, the yeshiva students departed for Jordan and were placed in a hotel there, where security concerns prevented them from leaving the premises.

Several days later, on Wednesday, roughly 35 seminary students joined the group. They too had been planning to travel to the United States for their Pesach break but were unable to leave once the war began. Until their departure, they had been staying with a local family in Tzefas.

Both groups eventually met in Jordan while waiting for a connecting flight to Athens. However, their departure was delayed by unexpected developments, including the temporary closure of Jordanian airspace due to missile activity and the tense security environment. The flight they had expected to take on Thursday was canceled, forcing them to return to their hotel and continue waiting.

Food presented another difficulty. With only a limited supply available, the students relied on small portions of food along with fruits and vegetables to sustain themselves. Rabbi Shalom Duchman of Colel Chabad attempted to send kosher food for Shabbos, but Jordanian border officials confiscated the shipment and discarded it. In the end, the group prepared their Shabbos meals themselves using basic ingredients they managed to purchase locally.

Despite the challenging conditions, the students observed Shabbos together, holding tefillah and meals while carefully maintaining halachic observance throughout the ordeal.

According to the report, senior American officials also intervened in the effort to help the students leave Jordan. Among those involved were Rabbi Yehuda Kaploun, a close associate of President Donald Trump, and Secretary of State Marco Rubio. Their involvement and the pressure applied helped facilitate the group’s departure.

On Motzoei Shabbos, the students finally boarded a Royal Jordanian flight. They arrived Sunday morning at Washington airport and from there traveled by bus to the Crown Heights neighborhood in Brooklyn, New York.

{Matzav.com}