American companies will be among biggest beneficiaries if crude prices average $100 per barrel this year
© Getty Images / Sunshine Seeds
[RT] The
United States could be one of the biggest beneficiaries of the global
rise in energy prices which has resulted from the US-Israeli war against
Iran, the Financial Times (FT) has reported, citing estimates provided
by the investment bank Jefferies.
Oil prices have already surged
past $100 per barrel due to the fallout from the ongoing war in the
Middle East. If they remain elevated this year, American companies will
receive a $63.4 billion boost from oil production, according to the
energy research company Rystad.
Brent crude, the international
benchmark, rose by more than 30 percent last Sunday, at one point
topping $119 per barrel, as fears grew of a prolonged disruption to
global energy supplies.
US President Donald Trump used the
opportunity to pivot from a focus on keeping energy prices low to
painting high oil prices as a positive. “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” he said in a Truth Social post on Thursday.
The about-face came as Trump’s team faced challenges in presenting a
coherent plan for reopening the vital Strait of Hormuz for US ships. The
Iranian authorities claim that the Strait of Hormuz is closed to US and
Israeli ships, despite not being physically sealed with a permanent
barrier.
According to The Guardian, however, more than 1,000 cargo
ships, mainly oil and gas tankers, have been blocked from transiting
the strait. If it remains closed until the end of the month, some
analysts reckon crude could surge to $150 or even $200 per barrel, The
Economist wrote earlier this week.
Rising oil prices put pressure
on the US economy, as prices for gasoline and diesel fuel, as well as
for many goods and services, have increased in the country, The Wall
Street Journal stressed. However, the US, being a major oil producer
itself, could provide the economy with protection from the worst
consequences, the newspaper noted.