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
    2·
    3 hours ago

    That’s a tough situation. I understand 100% your struggles, and none are your fault at all. It’s beautiful you at least tried. Good job on that! Hopefully conditions are more favourable in the future.

    I’m hoping with enough e-bikers, the demand for oil and large vehicles will go down, and thus bring down the cost of them both – and also improve the environment, peoples health, and happiness.

    Besides sometimes dealing with the occasional brain rot folks on public forums (which is weird, especially for Lemmy), there is every reason to be optimistic and supportive about adoption where it makes sense.