"An ignorant man with lawyers is a danger to all society." -- Michael Rivero

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Market watchers warn that oil prices could surge if the latest tit-for-tat between Israel and Iran morphs into a wider regional conflict. If the Biden administration slaps new sanctions on Iran's oil exports, it could send prices higher too, observers say.

On the eve of Iran's retaliatory strike on Israel, oil prices spiked, but slightly backtracked in the aftermath of Tehran's attack. On Monday, Brent retreated 0.9%, while West Texas Intermediate (WTI) was down 0.8%.

 

Energy prices, particularly the cost of electricity, have skyrocketed under Democrat Bidenomics. It outpaced inflation.

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Since January 2021, electricity prices have soared 29.4%. That is 50% more than overall inflation, which is awful as well.  It is rising 13 times faster than the previous seven years, according to a Wall Street Journal analysis of Bureau of Labor Statistics data.

The press office for the Zaporozhye Nuclear Power Plant (NPP) reported that the facility is preparing to switch its 4th power unit into cold shutdown.

According to Deputy Minister of Energy of Ukraine Svetlana Grinchuk, imports usually account for up to 10 billion cubic meters of the total volume of Ukrainian storage facilities of 31 billion cubic meters. Ukraine stores gas from Poland, Norway, Hungary, and other countries, which they receive even from the Caspian region, as well as liquefied natural gas (LNG), which comes to Europe from the United States.

South Korea's "artificial sun" has set a new fusion record after superheating a plasma loop to 180 million degrees Fahrenheit (100 million degrees Celsius) for 48 seconds, scientists have announced. 

The Korea Superconducting Tokamak Advanced Research (KSTAR) reactor broke the previous world record of 31 seconds, which was set by the same reactor in 2021.The breakthrough is a small but impressive step on the long road to a source of near-unlimited clean energy. 

Austrian Energy Minister Leonor Gewessler has revealed a plan to eliminate the country’s energy reliance on Moscow in less than half a decade, the Kurier newspaper reported on Friday, citing the draft legislation.

The sanctions imposed by the EU on Russia due to the Ukraine conflict do not target gas imports. Nevertheless, Russian supplies to the bloc have dropped sharply due to the restrictions and the September 2022 sabotage of the Nord Stream pipelines.