Oil keeps climbing as Iran clashes block Middle East shipping — ride the energy surge
Fighting between the U.S. and Iran is pushing oil prices higher for the third day in a row. Now, countries like Kuwait are trying to buy up oil storage around the world because the main shipping route in the Middle East is blocked.
Idea
Oil prices are rising steadily as fresh attacks between the U.S. and Iran make it very unlikely that a peace deal will be reached soon. This ongoing conflict is directly blocking the Strait of Hormuz, a critical shipping route for global oil. In response, major oil producers like Kuwait are scrambling to expand their oil storage facilities abroad to ensure they can still supply customers. When major producers panic about getting their oil to market, it signals that supply will remain tight, which usually keeps prices climbing higher.