Growing Fears That War In The Middle East Will Spread, Sending Oil Prices Surging

CNN: Big Oil CEO is concerned about potential Middle East escalation, touts record US supply

The American oil industry is on high alert for an escalation of the violence in the Middle East that disrupts the flow of oil out of the region. 

 Mike Sommers, CEO of the American Petroleum Institute, worries there is a growing chance the crisis will intensify and derail oil supplies. “This should be a real concern, I think, to every American,” Sommers told CNN in an exclusive interview. 

“Oil tankers are being attacked by the Houthi rebels in the Red Sea. And what you’re seeing is a number of those oil tankers no longer traversing the Red Sea.”  

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WNU Editor: It is not only the Middle East where a "black swan" event like a war may disrupt oil production and supply .... Drones attack oil depot, industrial facility in Russia’s Orel (Ukrinform). On a side note. Here are the 5 top oil producers in the world .... These Were The Top 5 Oil Producers Of 2023 (Zero Hedge).