War in the Middle East

The periodic table’s second element is used in the manufacture of mirochips and operation of MRIs, among many other products. But the rest of the world is facing a major shortage.

Thursday was a rocky one for the oil market. Brent crude was up more than 3% at one point, and U.S. benchmark West Texas Intermediate briefly crested the $100-a-barrel mark.

Freight rates for moving U.S. oil to Asia have soared from $3 to $6 per barrel before the war in Iran to around $38 per barrel today.

Countries in Africa are looking toward energy resilience as the war in Iran exposed their dependence on oil imports.

Nearly seven months after Israel and the United States attacked Iran, oil prices are holding at over $100 a barrel.

Thousands of workers have been stuck aboard vessels near the Strait of Hormuz since February.

Analysts say record diesel prices will flow through quickly to consumer goods prices across the board.

On today’s show: oil prices, the future of interest rates, and the push for AI guardrails.

The U.S. Energy Information Administration raised its Brent crude forecast to average around $90 a barrel for the second half of the year, about 5% higher than its last estimate.

Analysts don’t see an end to war in the Middle East on the horizon.