U.S. Energy Information Administration (EIA)·US·
EIA releases latest Short-Term Energy Outlook amid Middle East conflict
Crude oil price movements. The Brent crude oil spot price has risen sharply following the onset of military action in the Middle East. Brent settled at $94 per barrel (b) on March 9, up about 50% from the beginning of the year and the highest since September 2023. Crude oil prices have risen as petroleum shipments through the Strait of Hormuz have fallen, and some Middle East oil production has been shut in.
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