Oil will be high for a while

[xLays]

Damn that war. Gas prices here in the Philippines have gone up again. They had started to go down over the past few months because of the ceasefire, but now that the conflict has resumed, gasoline prices have increased by almost 15PHP per liter (around $0.25). It's really hard on people here in the Philippines. Fuel is already so expensive, and electricity prices are high as well. Everything is being affected.
The politicians here don't do anything. All they know is corruption.

[fruktik]

While Iran continues to "shoot itself in the foot", the United Arab Emirates is accelerating the construction of a new oil pipeline and port infrastructure that bypasses the Strait of Hormuz to minimize the risks to oil exports caused by the standoff with Iran. Construction of the pipeline is already 50% complete, and it is scheduled to begin operations in 2027.

Current Project Status:
Construction of the new route, which will connect oil fields to terminals at the port of Fujairah (Gulf of Oman), has been significantly accelerated amid the recent escalation in the region. As of today:

Progress: The project, being implemented by the state-owned company ADNOC, is halfway complete.
Objective: To double the country’s export capacity through Fujairah, which will fully safeguard oil exports from an Iranian blockade.
Existing alternative: The UAE already has an operational Habshan-Fujairah (ADCOP) pipeline capable of transporting up to 1.8 million barrels per day, however, the new capacity will allow significantly larger volumes to be rerouted around the strait

The United Arab Emirates didn't wait for the conflict to end and took the right path. Wise leaders understood that this war could happen again. Why take such risks when there's a way to minimize them? This country has always amazed me. They take full advantage of every opportunity. That's how leaders should be. Their actions must set an example for many countries. There's no point in acting on chance. That won't lead to anything productive.

[YUriy1991]

Damn that war. Gas prices here in the Philippines have gone up again. They had started to go down over the past few months because of the ceasefire, but now that the conflict has resumed, gasoline prices have increased by almost 15PHP per liter (around $0.25). It's really hard on people here in the Philippines. Fuel is already so expensive, and electricity prices are high as well. Everything is being affected.
The politicians here don't do anything. All they know is corruption.

Hopefully there will be a solution regarding the war that is going on, in various parts of the world currently experiencing a crisis due to soaring energy prices the impact is extraordinary, all prices of basic necessities have increased because oil prices have risen. It is possible that materials such as cement will also increase because production costs increase. Unemployment will also increase as many businesses close due to soaring oil prices. I hope the conflict will end soon. I can't imagine the future crisis if oil prices continue to rise plus as you said, a corrupt regime will make the situation even worse for the people.

[Swordsoffreedom]

Damn that war. Gas prices here in the Philippines have gone up again. They had started to go down over the past few months because of the ceasefire, but now that the conflict has resumed, gasoline prices have increased by almost 15PHP per liter (around $0.25). It's really hard on people here in the Philippines. Fuel is already so expensive, and electricity prices are high as well. Everything is being affected.
The politicians here don't do anything. All they know is corruption.

The country's leaders should find ways to support their people and reduce the impact of this war on them. But I don't think it's right to put all the blame on them. This war and the disruption to oil supplies are beyond their control, and there aren't many solution they can implement immediately.

The blame lies entirely with those who started this war, and they are the ones who should take most of the responsibility for all of this. If the war hadn't happened, we wouldn't have to bear these additional burdens.

The only solution is to end the war.

[Jessie2121]

Damn that war. Gas prices here in the Philippines have gone up again. They had started to go down over the past few months because of the ceasefire, but now that the conflict has resumed, gasoline prices have increased by almost 15PHP per liter (around $0.25). It's really hard on people here in the Philippines. Fuel is already so expensive, and electricity prices are high as well. Everything is being affected.
The politicians here don't do anything. All they know is corruption.

Not only in your country that gas price has gone up, is same thing in my country too and when we talk about gas it affected fuel price, that one is just going up and down a little bit like the way bitcoin price do move. This war has made things hard for everybody in the world and is really annoying because they who started the war don't seem to care about how the people they are leading feelings, all they want is how they can benefit from whichever problem that happens in the world.

[Abiky]

The country's leaders should find ways to support their people and reduce the impact of this war on them. But I don't think it's right to put all the blame on them. This war and the disruption to oil supplies are beyond their control, and there aren't many solution they can implement immediately.

The blame lies entirely with those who started this war, and they are the ones who should take most of the responsibility for all of this. If the war hadn't happened, we wouldn't have to bear these additional burdens.

The only solution is to end the war.

I don't think ending the war will change anything. Especially when Iran is determined to charge a fee on the Strait of Hormuz (take tolls). The war could end right now, but with Iran charging a fee per passage, I don't see things going anywhere. It may be already too late. Oil prices will remain "stubborn" for quite a long time. This will be the new norm, unfortunately.

The plan would be to slowly transition away from oil by embracing alternative energy. In the case of vehicles, hybrid cars will lead the change until everyone transitions into fully electric cars. Materials such as plastic and rubber (mainly used for tires) will eventually be replaced by plant-based alternatives. We may be talking about 1-2 more decades before the world can safely move away from oil. In the meantime, we're stuck with it. Maybe countries will get tired of the persisting conflict in the Middle East, and decide to get involved? A global intervention might just be the solution...

[DanWalker]

Hopefully there will be a solution regarding the war that is going on, in various parts of the world currently experiencing a crisis due to soaring energy prices the impact is extraordinary, all prices of basic necessities have increased because oil prices have risen. It is possible that materials such as cement will also increase because production costs increase. Unemployment will also increase as many businesses close due to soaring oil prices. I hope the conflict will end soon. I can't imagine the future crisis if oil prices continue to rise plus as you said, a corrupt regime will make the situation even worse for the people.

War doesn't happen randomly, and there are always motive and interest behind it. So as long as these politicians haven't achieved their goals, they won't stop.
In reality, they have never truly cared about the lives of ordinary people around the world. If they really cared as they claim, this war would never have happened in the first place. So don't expect them to stop anytime soon or find a peaceful solution as long as their goal and interest haven't been achieved.

We should prepare for a prolonged crisis and the possible economic consequences that may follow.

[fruktik]

Not only in your country that gas price has gone up, is same thing in my country too and when we talk about gas it affected fuel price, that one is just going up and down a little bit like the way bitcoin price do move. This war has made things hard for everybody in the world and is really annoying because they who started the war don't seem to care about how the people they are leading feelings, all they want is how they can benefit from whichever problem that happens in the world.

Have you only just come to this conclusion? It's long been clear that Trump and his entourage are profiting handsomely from this military conflict in Iran. Just look at his son's oil deals to reach that conclusion. And what exactly is all this? It's insider trading, which is punished very harshly in the US. So why is the American president still free? Does he put himself above others? He should definitely be punished for this.

What's happening now? It's the same old story. Oil prices are swinging. Buy, sell. And so on. It's a perfect scheme. And you're still surprised Trump cares about the people?

[Swordsoffreedom]

The country's leaders should find ways to support their people and reduce the impact of this war on them. But I don't think it's right to put all the blame on them. This war and the disruption to oil supplies are beyond their control, and there aren't many solution they can implement immediately.

The blame lies entirely with those who started this war, and they are the ones who should take most of the responsibility for all of this. If the war hadn't happened, we wouldn't have to bear these additional burdens.

The only solution is to end the war.

I don't think ending the war will change anything. Especially when Iran is determined to charge a fee on the Strait of Hormuz (take tolls). The war could end right now, but with Iran charging a fee per passage, I don't see things going anywhere. It may be already too late. Oil prices will remain "stubborn" for quite a long time. This will be the new norm, unfortunately.

The plan would be to slowly transition away from oil by embracing alternative energy. In the case of vehicles, hybrid cars will lead the change until everyone transitions into fully electric cars. Materials such as plastic and rubber (mainly used for tires) will eventually be replaced by plant-based alternatives. We may be talking about 1-2 more decades before the world can safely move away from oil. In the meantime, we're stuck with it. Maybe countries will get tired of the persisting conflict in the Middle East, and decide to get involved? A global intervention might just be the solution...

Do you remember when they agreed to sign a MOU in mid-June, and oil prices at one point fell close to their pre war levels? As you can see, just one ceasefire was enough to bring oil prices almost back to normal. Is it too pessimistic to think that ending the war wouldn't change anything?

The modern global economy is deeply tied to oil. Reducing our dependence on it isn't something that can happen overnight. Easier said than done. If we could really reduce our dependence on oil that easily, major powers wouldn't be invading and killing each other over this black gold.