Middle East war sends oil prices surging above $100
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5 questionsBrent crude oil price rose to $106 per barrel as of Monday morning.
According to www.aljazeera.comBrent crude surged past $120 per barrel.
According to en.wikipedia.orgContext: The price level affects assessments of the severity of the oil supply disruption and its economic impact.
About 20% of global oil and gas supplies transit through the strait.
According to www.aljazeera.comAbout 25 to 30 percent of global oil passes through the Strait of Hormuz.
According to www.imf.orgContext: The percentage determines the global significance of the strait's closure for oil markets.
QatarEnergy suspended its LNG production on March 2 after an Iranian drone attack.
According to www.aljazeera.comQatarEnergy declared force majeure on all exports (no specific date given).
According to en.wikipedia.orgContext: The timing of the suspension affects the timeline of supply disruptions.