Oil is booming.. A barrel that reached $120!
The price of crude oil increased by 29% in a single day due to tensions in the Middle East. This range hike was last recorded in 2022 in the wake of the Russia-Ukraine war. The price of a barrel of UAE Murban crude (159L) reached $120, West Texas Intermediate reached $115, and Brent crude reached $116. Prices rose as oil production in Iraq, Kuwait, and the UAE decreased. Iraq's production, which used to be 4.3M barrels per day, has fallen to 1.8 million.
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