Graham cautions Israel on targeting oil sector as prices surge over 25%

Global oil prices surged more than 25 percent on Monday, reaching their highest levels since mid-2022, as the expanding war involving the United States, Israel, and Iran disrupted supply and raised fears about shipping through the Strait of Hormuz.

“- i24NEWS - International - Graham cautions Israel on targeting oil sector as prices surge over 25% Graham cautions Israel on targeting oil sector as prices surge over 25% Trump says short-term price spike “a very small price to pay” as global markets react to supply disruptions Global oil prices surged more than 25 percent on Monday, reaching their highest levels since mid-2022, as the expanding war involving the United States, Israel, and Iran disrupted supply and raised fears about shipping through the Strait of Hormuz”

i24NEWS

The article says roughly one-fifth of the world's oil supply normally passes through that chokepoint, and tanker disruptions and heightened security risks have slowed shipping activity, particularly affecting Asian buyers that rely heavily on Middle Eastern crude.

i24NEWS

Several regional producers have begun cutting output, with Iraq and Kuwait reducing oil production.

Earlier liquefied natural gas reductions from Qatar have also tightened supply.

i24NEWS

Analysts quoted in the piece say the United Arab Emirates and Saudi Arabia may soon be forced to cut production as storage capacity fills, intensifying downward pressure on available supply.

The price surge drew public reactions from US political leaders.

“- i24NEWS - International - Graham cautions Israel on targeting oil sector as prices surge over 25% Graham cautions Israel on targeting oil sector as prices surge over 25% Trump says short-term price spike “a very small price to pay” as global markets react to supply disruptions Global oil prices surged more than 25 percent on Monday, reaching their highest levels since mid-2022, as the expanding war involving the United States, Israel, and Iran disrupted supply and raised fears about shipping through the Strait of Hormuz”

i24NEWS

In a post on Truth Social overnight, President Donald Trump wrote: "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!"

Senator Lindsey Graham wrote on X that Israel had shown "amazing capability when it comes to collapsing the murderous regime in Iran" but urged restraint in selecting targets tied to Iran’s oil economy, adding: "Our goal is to liberate the Iranian people in a fashion that does not cripple their chance to start a new and better life when this regime collapses. The oil economy of Iran will be essential to that endeavor."

Analysts warn the war could leave consumers facing weeks or months of elevated fuel prices even if the conflict ends soon; Daniel Hynes, senior commodity strategist at ANZ, said "additional production disruptions could extend the impact if oil wells are forced to shut down, which would slow the recovery of supply once fighting subsides."