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Iran-Israel conflict keeps oil prices high, inflation risks loom

Moneycontrol — April 21, 2024, 10:00 AM UTC

Summary: Crude oil prices have stayed at $90 per barrel due to the Iran-Israel conflict. Analysts warn of inflation spikes if Iran blocks the Strait of Hormuz, a crucial oil route. The strait sees 21 million barrels per day flow, 21% of global oil consumption. LNG trade is also at risk. Alternative routes exist for oil, but not LNG. Asia-Pacific economies face inflation threats from higher oil prices.

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Article metrics
Significance5.2
Scale8.0
Magnitude7.5
Potential8.5
Novelty6.0
Actionability4.0
Immediacy8.0
Positivity3.0
Credibility8.0

Timeline:

  1. [3.0]
    Oil near 7-week low at $83/bbl after US Fed decision (Mint)
    3d
    Summary:Source
  2. [2.6]
    WTI rises above $79 after recent sell-off (CNBC)
    3d
    Summary:Source
  3. [3.1]
    Oil prices drop on rising U.S. inventories and ceasefire hopes (CNBC)
    5d
    Summary:Source
  4. [3.1]
    Oil prices drop 1% to $87/bbl on US output, ceasefire talks (Mint)
    5d
    Summary:Source
  5. [3.1]
    Oil prices dip on Israel-Gaza truce talks, Fed policy review (CNBC)
    6d
    Summary:Source
  6. [3.1]
    Oil prices fall on Israel-Hamas peace talks, Fed rate cut doubts (Mint)
    6d
    Summary:Source
  7. [3.8]
    Oil rises on Middle East tensions, US inflation data (Mint)
    8d
    Summary:Source
  8. [4.2]
    Oil prices rose on 2023-12-13 due to various factors (CNBC)
    10d
    Summary:Source
  9. [5.5]
    Middle East tensions may raise oil prices, impacting inflation (The Guardian)
    10d

    ScoresSource
  10. [2.6]
    U.S. crude oil prices drop below $83/barrel on 2% increase (CNBC)
    11d
    Summary:Source
  11. [2.7]
    U.S. crude oil rises to nearly $83/barrel on 2024-04-23 (CNBC)
    12d
    Summary:Source
  12. [3.0]
    Oil prices drop in Asia on market factors (CNBC)
    14d
    Summary:Source
  13. [3.8]
    Oil prices fell 3% despite Israel-Iran tensions (CNBC)
    15d
    Summary:Source
  14. [3.9]
    Oil prices spiked, then dropped after Iran explosions (CNN)
    17d
    Summary:Source
  15. [4.9]
    Iran activated air defense systems amid tensions with Israel (Financial Times)
    17d
    Summary:Source
  16. [5.1]
    Oil prices spike on Iran explosions, geopolitical tensions, and sanctions (Moneycontrol)
    17d

    ScoresSource
  17. [5.2]
    Oil prices surged 3% due to Middle East tensions (CNBC)
    17d

    ScoresSource