20 percent rise in Oil prices after Saudi oil refinery attack

The video discusses the impact of attacks on Saudi oil plants, causing fears in financial markets due to a disruption in oil supply. It highlights the imbalance between oil production and consumption, leading to a surge in oil prices not seen since the Gulf War. The airfreight sector, a key economic indicator, is affected by these changes, facing challenges from trade wars, Brexit, and potential oil price shocks. Companies may need to adjust fuel surcharges, impacting consumer behavior. Despite moves towards net zero emissions, crude oil remains vital for global trade. The video also draws parallels with past oil crises, emphasizing the ongoing significance of Middle Eastern conflicts on global energy supplies.

Discuss the significance of crude oil in global trade despite the push towards net zero carbon emissions.

What historical context is provided regarding Middle Eastern conflicts and their impact on global energy shortages?