https://www.instagram.com/vanessaclarkipaiThis is your Daily Crude Oil Price Tracker with Vanessa Clark podcast.Hey everyone, welcome back to Daily Crude Oil Price Tracker. I'm Vanessa Clark, and today we're diving into what's happening with crude oil prices as we head into the middle of March. If you've been paying attention to the news, you know there's a lot of movement in the energy markets right now, and I want to break down exactly what that means for you.Let's start with today's numbers. As of this morning, Brent crude oil is trading at around 102 dollars and 14 cents per barrel, down about 3 dollars from yesterday. West Texas Intermediate, which is the North American benchmark, is hovering just under 100 dollars per barrel. Now, these prices might seem high, but here's the context you need to understand. Over the past year, crude oil has climbed roughly 30 dollars per barrel. A month ago, we were looking at prices around 68 dollars per barrel, so we've seen significant movement in a very short timeframe.So what's driving all of this? The big story right now is the escalating tension in the Middle East. Over the weekend, reports emerged that the United States attacked Iran's key oil export hub, Kharg Island. This five mile island in the Persian Gulf handles about 90 percent of Iran's oil exports. Because of this geopolitical conflict, which is now entering its third week, oil prices have surged roughly 43 percent since the conflict began, and we're up about 68 percent year to date.Here's what you need to know about how this affects you personally. When crude oil prices spike, gas prices at the pump don't immediately follow, but they eventually do. Crude oil typically accounts for more than half of what you pay for a gallon of gas. The crude oil part is what moves the fastest, while gas prices sometimes lag behind when prices drop. It's what analysts call the rockets and feathers effect.The good news is that there were no new incidents in the Middle East over the weekend, which is why we're seeing prices pull back slightly from their highs today. Traders are taking a bit of a breather, which is contributing to that downward pressure we're seeing this morning.If you're wondering whether prices will keep going up, here's the honest answer: it's impossible to predict. Oil prices ultimately depend on supply and demand, and right now, that supply picture is uncertain because of what's happening in the Middle East. The U.S. Strategic Petroleum Reserve exists for situations exactly like this, and it can help soften severe price spikes during supply shocks, though it's really an immediate relief measure rather than a long term solution.Thanks so much for tuning in to Daily Crude Oil Price Tracker. Make sure you subscribe so you don't miss tomorrow's update on where crude oil prices are heading. I'm Vanessa Clark, and I'll see you next time.For more http://www.quietplease.aiCheck out Vanessa on Instagram https://www.instagram.com/vanessaclarkipaiFor some deals, check out https://amzn.to/4hSgB4rThis content was created in partnership and with the help of Artificial Intelligence AI

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