Since the United States and Israel launched strikes against Iran a fortnight ago, oil prices have risen by approximately 40% and they are set to climb further as the conflict enters its third week. With the Strait of Hormuz effectively shut by the Iranians and Middle East oil export hubs increasingly coming into the crosshairs of this war, the supply disruptions are setting up oil for major price increases.
Reports indicate that Trump has rejected calls by U.S. allies in the Gulf region to start talks aimed at securing a ceasefire agreement with Iran. Conditions in global oil markets could therefore get a lot worse before they get better, and U.S. entities like Berkshire Hathaway Inc. (NYSE: BRK.A) (NYSE: BRK.B) with…
