US EditionPublished • loading... • Updated
Stocks Sink, Oil Prices Rise After President Trump's Iran War Speech
Oil jumped more than 6% and U.S. crude topped $110 as traders priced in a longer war and possible disruption to global supplies.
- On Thursday, President Donald Trump vowed to hit the Islamic Republic "extremely hard," extending the conflict and sending U.S. crude oil prices soaring more than 10% to top $110 per barrel.
- Markets reacted negatively after Trump failed to present a plan to reopen the Strait of Hormuz, the vital waterway Iran effectively closed by attacking tankers, prompting traders to price in prolonged disruption.
- With the Strait still shut, TD Securities strategist Ryan McKay projected that nearly 1 billion barrels will be lost by month's end, with onshore inventories potentially falling to multi-year lows.
- Retail gasoline prices could surge to $4.25 to $4.45 per gallon in coming weeks, while diesel may jump to $6.05; independent oil analyst Tom Kloza said this should "provoke significant inflation."
- Analysts at Rystad Energy suggest there is "no going back to the pre-war status quo," as new demand for stockpiling and heightened insurance costs will support prices even after the war ends.
Insights by Ground AI
40 Articles
40 Articles
Trump's new threats to Iran's war are exploding oil prices and sending stock markets worldwide down.
The New York Stock Exchange closed on a mixed note on Thursday, limiting the break in front of Donald Trump's most offensive tone against Tehran.
·Montreal, Canada
Read Full ArticleCoverage Details
Total News Sources40
Leaning Left13Leaning Right3Center12Last UpdatedBias Distribution46% Left
Bias Distribution
- 46% of the sources lean Left
46% Left
L 46%
C 43%
11%
Factuality
To view factuality data please Upgrade to Premium
