Iran has warned that “not a litre” of oil will be exported from the Middle East until the United States and Israel stop bombing it. The warning comes on the heels of statements made by President Trump that the war would be over “very soon”, which toppled oil prices from peaks reached on Monday.
After oil futures hit $119 a barrel Sunday night before dropping to $100 on Monday morning in response to a likely prolonged conflict with Iran, the stock market sank. As gas prices and other associated costs keep climbing, Texas oil and natural gas industry leaders weighed in on the short- and long-term implications.
Curious Minds Corner
What is a flare in oil refineries?
A flare is the tall pipe that burns off excess gas, often visible as a flame signaling refinery operations.