00:00An Israeli strike on the world's largest oil field sent energy prices even higher on Wednesday.
00:05The South Apar's oil field is located in Iran and is jointly operated with Qatar.
00:10Iran quickly vowed to retaliate and warned civilians near key energy sites in Saudi
00:15Arabia, the UAE, and Qatar to steer clear. Then they made good on their threats, causing what's
00:21being reported as, quote, extensive damage to energy assets in Qatar and Saudi Arabia.
00:25Oil prices popped above 100 bucks a barrel and U.S. stocks slid lower largely because of that
00:31strike. And as you can imagine, the Gulf states are not pleased. A Qatari official said, quote,
00:36the Israeli targeting of facilities linked to Iran's South Apar's field and extension of Qatar's
00:42North field is a dangerous and irresponsible step amid the current military escalation in the region.
00:47Like I said, global oil prices were already high due to the ongoing conflict with Iran,
00:53and we're certainly feeling that strain here, too. In an attempt to keep prices from getting
00:58too high, President Trump suspended an arcane law that will ease restrictions on shipping oil and
01:03natural gas to U.S. ports. In another bid to curb price hikes, the Associated Press is reporting that
01:08the Treasury Department has lifted some of the sanctions against Venezuela, allowing U.S. companies
01:13to do business with that country's state-owned oil and gas companies.
Comments