US EditionThe Iran War Is Dialling US Economic Danger up to 11
Closure of the Strait of Hormuz and Middle Eastern production cuts pushed Brent and WTI crude oil prices above $100 per barrel, causing major U.S. stock declines and higher fuel costs.
- On Monday, oil futures topped more than $100 per barrel, while the U.S. stock market opened sharply lower with the Dow down over 600 and the Nasdaq down 300.
- President Donald Trump's strikes prompted maritime incidents including two tankers attacked on Friday and a tanker fire in the sea of Oman, while JPMorgan Chase analyst Natasha Kaneva reported the Strait of Hormuz was fully closed.
- Analysts warned U.S. drivers that gasoline prices could climb 20 to 50 cents per gallon this week and diesel prices may rise 35 to 75 cents per gallon.
- Supply shocks are adding to inflationary pressures, with the Institute for Supply Management reporting manufacturing input prices rising fastest since 2022 and the core producer price index up 0.8% in January.
- Analysts say prolonged disruptions could cause oil to rise from about $65 to over $100, with Krugman warning a two-week closure has more than twice the impact.
17 Articles
17 Articles
‘The Situation Is Scary’: Global Economic Chaos as Trump’s Iran War Sends Markets Diving
In one of the scariest moments in modern history, we're doing our best at ScheerPost to pierce the fog of lies that conceal it but we need some help to pay our writers and staff. Please consider a tax-deductible donation. Brad Reed for Common Dreams President Donald Trump’s unprovoked and unconstitutional war against Iran is sending shockwaves across the global economy in the form of skyrocketing oil prices and diving financial markets. The pric…
Crude oil prices have risen above the symbolic $100 per barrel mark for the first time since 2022. And European gas prices jumped 30 percent at the start of trading this morning. This is the result of the Israeli-US offensive against Iran and Iranian counterattacks, which have shut down one of the most important oil and gas shipping routes and caused Middle Eastern oil and gas producers to cut back on production.
The price of Brent oil jumps dramatically upwards. There is no end in sight in the Iran war. The transit of oil and gas through the important road of Hormuz is practically silent. Stock exchanges react.
Rapidly rising costs of crude oil shake stock markets, and in Asia the losses are considerable. Experts warn of further price jumps. And Donald Trump? He finds it all half as wild.
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