Fighting in the Middle East is a big problem. Oil for the world is now at risk. The International Energy Agency warned us. They said there is a big oil flow problem. A shortage of 8 million barrels is expected. This is because of fighting. U.S. and Israeli forces attacked Iran. Iran attacked oil ships too. Ships in the Persian Gulf were hit. This is very bad for oil trade. People are worried about money. Leaders want peace.
The fighting started because of many problems. The U.S. and Israel attacked Iran first. Iran fought back strongly. Iran said they will stop oil. They will stop oil when fighting ends. Iran also has demands for peace. They want their rights and money. They want no more attacks. This makes people fear a long fight. Oil prices might go up a lot. Some think prices will reach $200.
IEA countries will help with oil. They will share 400 million barrels. This oil is from their stores. This will help with the shortage. It will also stop prices from rising too fast. Oil prices are already over $100. This is a high price. Banks are also affected. Citibank closed some branches. This was because of security worries.
There is more fighting. Rockets are fired. This means the problem could spread. It is harder to find peace. The world economy could be hurt. If the Strait of Hormuz closes, prices go up. Oil prices recently reached $119.50. People are worried about rising prices.
World leaders are watching. They worry about money problems. They hope for less fighting. This will help avoid a crisis.