Relief is ripping through financial markets Monday after President Donald Trump said the United States has talked with Iran about a possible end to their war. Oil prices are easing, and stock prices are jumping on Wall Street following severe losses elsewhere in the world before Trump’s announcement.
The U.S. said it took out more than a dozen mine-laying Iranian vessels Tuesday, and the Islamic Republic vowed to block the region’s oil exports, saying it would not allow “even a single liter” to be shipped to its enemies.
U.S. President Donald Trump said Monday that the war against Iran could be short-lived, but he left open the possibility of an escalation in fighting if global oil supplies are disrupted by the Islamic Republic, which chose a new hard-line supreme leader.
Stock markets shuddered worldwide Monday on worries about whether the global economy can withstand spiking prices for oil, which briefly got to nearly $120 per barrel, their highest level since four summers ago.
Oil prices spiked near $120 per barrel Monday as the Iran war intensified, threatening production and shipping in the Middle East and pummeling financial markets.
There’s more hurt for a struggling oil market.
Israel’s attack on Iran has introduced significant volatility into the oil market.
U.S. crude oil prices tumbled below $70 a barrel for the first time since July.
Good news for anyone driving this holiday season.
Oil prices in the U.S. have hit a low not seen in nearly a year.
