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”.

  • dudesss@lemmy.ca
    11·
    12 hours ago

    Killer57 doesn’t get it. Not everyone will be able to use a bike, but many people can and should. And we should be encouraging the people who can. I bike during the winter with mountain bike like tires, and I’m fine. Of course the same cannot be said for everyone. Also winter is only 1 of the 4 seasons, and there can be more to bike to than just work.