Attacks on Middle East energy sites deepen threat to US economy, analysts say
abcnews.com • • business
Key Points:
- The U.S.-Israeli conflict with Iran has caused a sharp increase in global gasoline prices by disrupting the Strait of Hormuz and damaging critical Middle Eastern oil and gas infrastructure, with repairs expected to take months.
- Iran's retaliatory strikes targeted key energy sites, including Qatar’s Ras Laffan LNG terminal, reducing its export capacity by 17% and causing an estimated $20 billion in annual revenue losses, with repairs potentially taking up to five years.
- The surge in oil prices, which peaked at $119 per barrel before settling around $109, has driven U.S. gasoline prices up nearly a dollar in a month, while rising diesel costs threaten to increase the price of consumer goods across the supply chain.
- Analysts
