Oil Prices Continue to Climb as Violence Flares in Iran War
Oil prices climbed above $94 a barrel and average U.S. gasoline reached $4.10 as new strikes on Iran fueled supply fears, AAA said.
- On Tuesday, oil surged to over $94 a barrel as CENTCOM announced new strikes on Iran around 12 p.m. EST, while gasoline prices rose 38 percent to an average of $4.10 since the war began.
- The White House announced a "deal" with Venezuela to grant rights to billions of dollars in oil, though CNBC reported on Monday the arrangement will not lower fuel prices and requires at least $100 billion in infrastructure investments.
- Democratic strategist Sawyer Hackett explained the administration is "Trying to save face and convince the American people that they're going to lower their gas prices before the midterms," noting experts warn Americans would not see savings for 15 years.
- Meanwhile, the president pursues a plan to seize a 35 percent stake in a Venezuelan oil company, a move Republicans are using to frame the election around socialism; Republican strategist Shermichael Singleton agreed the situation is "bad" for his party.
- Singleton proposed the president work with Congress to offer a 5 year tax incentive to CEOs to lower prices, invoking Democrat James Carville's mantra from over 36 years ago that "it's the economy, stupid" as conflict with Iran continues driving market instability.
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Antje Erhard, HR, on the impact of the Iran war on oil prices
Oil prices jumped about 5 percent yesterday to above $95 a barrel as renewed military action between the United States and Iran intensified.
Oil prices rose with renewed strikes between America and Iran, amid concerns about the disruption of supplies across the Strait of Hormuz, while preliminary data showed a decline in American raw stocks.
‘Congratulations on combating socialism’: Trump Republican cornered on TV
Oil prices continue to rise as the war with Iran rages on. CENTCOM announced that new strikes on Iran were launched around 12 p.m. EST. The attack came after Trump said that he was pivoting to try sanctions against Iran again. Gasoline prices were up over $4 per gallon every day in the month of August, CNN reported, and the stock market didn't appear to be happy about the new strikes and oil surged to over $94 a barrel. Before the war began, fue…
Oil prices rose above $92 a barrel on Tuesday on international markets as traders renewed fears about energy supplies from the Middle East as tensions between the US and Iran continued. In London, […] The post Supply fears push oil prices above $92 a barrel appeared first on Novi list.
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