Aftermath of a Crisis

TL;DR

Oil prices reached $119 per barrel, a 2022 high, due to Middle East conflict.
Hostilities in the Middle East, particularly involving Iran, are the primary cause.
Threats to oil supply routes have increased insurance costs and halted tanker traffic.
Production fields may be forced to shut down if a quick resolution is not found.
Analysts predict oil prices could reach $150 or even $200 per barrel.
Colombia faces higher costs for imported gas but benefits from increased oil revenue, though gasoline prices may significantly rise.

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