The Economic Times

Oil prices to touch $120? Oil price today surges after Iran strikes Saudi Aramco refinery, Brent jumps above $80 will inflation and gasoline prices rise next?

Oil prices today jumped more than 10%. Brent crude crossed $80 per barrel within hours of reports that Iran struck a Saudi Aramco refinery. Traders reacted fast. They priced in supply disruption risk. The Ras Tanura facility processes about 550,000 barrels per day. That scale matters. Global oil markets now fear tighter crude oil supply. Nearly 20% of world oil flows through the Strait of Hormuz. Any threat there lifts Brent crude and WTI crude futures quickly. If tensions escalate, analysts see $100 to $120 oil as possible. Higher crude oil prices often push gasoline prices and inflation higher. Energy markets now drive global economic risk.