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With the Strait of Hormuz—the primary gateway for Middle East oil exports—effectively shut down by Iran, the prices of both crude oil and gasoline have surged since the start of the U.S.–Israel war with Iran on Feb. 28.
As negotiations between the United States and Iran to end the war continue, an industry insider predicts upward pressure for oil prices will persist for decades, citing structural underinvestment in the oil industry.
U.S. West Texas Intermediate crude closed at $99.64 per barrel on March 27, more than 48 percent higher than the pre-war level of around $67 per barrel. The Brent crude oil benchmark closed at $105.32, up by 46 percent….
As negotiations between the United States and Iran to end the war continue, an industry insider predicts upward pressure for oil prices will persist for decades, citing structural underinvestment in the oil industry.
U.S. West Texas Intermediate crude closed at $99.64 per barrel on March 27, more than 48 percent higher than the pre-war level of around $67 per barrel. The Brent crude oil benchmark closed at $105.32, up by 46 percent….
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