Toronto has one of the highest unemployment rates among major cities in Canada blogto.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from blogto.com Daily Mail and Mail on Sunday newspapers.
The oil industry experienced three upheavals between 1973 and 1991, which seem to be etched in the memory of the industry s decision makers.
Naturally, at the sign of a new crisis, the decision makers like to dip into those tumultuous decades to find ways to deal with the new shock, in addition, of course, to expert reports and forecasts.
So, the industry bigwigs turned the pages of history to get a peek into the future of oil price movements after Russia invaded Ukraine in 2022, Israel attacked Gaza in 2023, Iran-linked Houthi rebels pounded tankers crossing the Red Sea in support of Palestine the same year, and Iran rained missiles on Israel in 2024.
India-Israel war: Oil and LNG prices could see a notable rise if Iran opts to block the Strait of Hormuz, a key route for importing crude oil from Saudi Arabia , Iraq , and UAE . Analysts have pointed out that this could lead to increased inflation. The conflict between Iran and Israel has escalated recently, with Iran launching drone and rocket attacks on Israel, prompting Israel to respond with missile strikes. Crude oil prices have hovered around USD 90 per barrel amid the tensions. While efforts to de-escalate the situation are underway, Motilal Oswal Financial Services has warned of potential price hikes in oil and LNG if Iran takes steps to restrict the flow of oil through the Strait of Hormuz.