Markets around the world could tumble on Monday and motorists are likely to pay more at the pump

The price of oil is expected to soar on Monday while stock markets could tumble as the US-Israel war on Iran rattles investors.

US crude oil is on track to rise by 9% when trading resumes, according to data from the broker IG, after Tehran said on Saturday it had in effect closed the strait of Hormuz, a key oil choke point, reportedly prompting the halt of some oil shipments.

IG’s weekend markets showed that US crude oil could rise to more than $73 a barrel when trading resumes in New York late on Sunday, up from $67 a barrel on Friday night. That would be its highest level since June 2025, when the US launched strikes on Iran’s nuclear facilities, and threatens to feed through to higher prices for drivers at the pump.

Analysts at Barclays said the oil price could reach $80 a barrel in the event of a “material supply disruption”.

  • NarrativeBear@lemmy.world
    7·
    1 day ago

    This is why urban sprawl (exasperated by car dependency) is killing our ability to get around independently.

    Urban density is the solution and something people should support (even those that choose to live in rural areas).

    With urban density comes better public transit, better public spaces, walkability, and shorter trips to work and shops.

    One of my biggest fears with getting old is loosing my independence. Having to be driven everywhere with no other viable option of independent mobility would effectively make me a prisoner in my own home in a American style Suburban neighborhood.

    • morto@piefed.socialEnglish
      41·
      23 hours ago

      Urban density isn’t the best solution. The greater the density, the greater the pressure for resources in a city (especially water), and the more fragile and dependent on imports it is.

      For a much better solution, look at medium-sized cities in the developing countries. The places are mostly walkable, have everything one needs in small to medium shops spread around, have rural areas in the vicinities that can support the place entirely, so thay’re resilient to situations just like this one, with oil prices going up. Medium cities like that could be close to each other, with the populations fairly spread in medium-sized clusteres. That are many more benefits, like much less losses in energy transmission and in the food chain, but it would require a too long text to say it all

      Dense cities might look like less from oil, but they need a constant input of resources from far far away, being more dependent on oil and exposed to global instabilities than people think.