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LSE:AUTO.L 19 January 2026

Stock Market Today

  • Crude Oil Prices Surge Amid Iran Conflict and Strait of Hormuz Closure
    March 20, 2026, 1:57 PM EDT. Crude oil and gasoline prices rose sharply as tensions escalate in Iran, with the Strait of Hormuz closed and attacks targeting Middle Eastern energy infrastructure. U.S. considerations to seize Iran's Kharg Island, a vital oil export site, and Pentagon deployments add to market jitters. Qatar reports major damage to its LNG export facilities, while Kuwait, Bahrain, Saudi Arabia, and UAE face disruptions from missile and drone strikes. Supply constraints push crude prices higher, with Goldman Sachs warning of a potential rise beyond the 2008 record high near $150 a barrel. Despite OPEC+ planning output increases, Middle Eastern producers are forced to cut production by roughly 6%. Floating crude storage, particularly of Russian and Iranian oil, rises amid sanctions. The market balance tightens as geopolitical risk fuels price momentum.
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