Oil pumps work in synced operation outside of Bakersfield, Calif., on March 21, 2025. John Fredricks/The Epoch TimesCrude oil prices are forecast to stabilize at around $70 per barrel by the year’s end, according to a new Energy Information Administration report released on March 10.Global energy markets have been highly volatile this month since the conflict in Iran began, as the Strait of Hormuz, a vital global artery for oil and natural gas, has been effectively shut down.
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