The US-Israeli conflict with Iran has triggered the most severe oil supply disruption in history, with prices exceeding $100 per barrel after the Strait of Hormuz was restricted. Nearly 20% of global oil consumption is affected, causing massive shortages and significant price spikes for refined fuels like diesel and gasoline. With no signs of Iran war resolution in the coming days, analysts warn that oil may cross $200 per barrel in the short term.
What Buffett once said on ‘liquid gold’
Here’s what legendary Warren Buffett once said about oil prices.
“You’ve stuck a lot of straws into the Earth, and it is a finite number. So, the one thing I can almost promise you is that oil will sell for a lot more someday,” – Buffett, while referring to the large number of oil rigs and wells worldwide, and the increasing scarcity of oil.
Who is Warren Buffet
Known as the “Oracle of Omaha,” Warren Buffett is one of the most successful investors of all time. Buffett chairs Berkshire Hathaway.
He also stood out for his long-term investment philosophy, often summarised by his preference for buying “wonderful companies at fair prices” and holding them indefinitely.
Buffett’s influence went well beyond returns. He championed the idea that immense wealth comes with a responsibility to give back — something he practiced through his philanthropy and the Giving Pledge.