Oil prices have skyrocketed as a result of the instability. Brent crude, a global pricing benchmark for most internationally traded crude oil, jumped as much as 13% on Monday to $86 a barrel, and analysts warn that attacks on energy infrastructure in the Gulf or an extended closure could bring it to $100 or higher. The last time oil prices were that high was in 2022, after Russia’s invasion of Ukraine resulted in sweeping international sanctions targeting Russian petroleum exports. Prices have remained below $80 for the past year.
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