Oil prices jumped more than four percent Monday after another flare-up between the United States and Iran that threatened their already fragile truce, while Seoul led losses in most Asian stock markets as tech firms suffered another selloff.
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Oil prices rose more than 7% to a two-week high after President Trump declared the Iran ceasefire over. Joseph Majkut, director of the Energy Security and Climate Change Program at the Center for Strategic and International Studies, joins with analysis.
Oil prices fell on Thursday after a surge the previous day triggered by US President Donald Trump's declaration that the ceasefire with Iran was "over" following the country's renewed attacks on ships in the Strait of Hormuz.
Wednesday’s jump in oil prices to a two-week high suggests that market participants were too complacent about the U.S.-Iran ‘deal to make a deal’ and that the ceasefire would hold and oil flows through the Strait of Hormuz would only increase, analysts at ING said on Thursday.
Oil prices jumped more than four percent Monday after another flare-up between the United States and Iran that threatened their already fragile truce, while Seoul led losses in most Asian stock markets as tech firms suffered another selloff.
The oil market has officially entered its mixed-signals era. Crude prices had erased most of their wartime gains as barrels returned to the market and fears of oversupply resurfaced. But renewed U.S.-Iran hostilities have sent prices climbing again, underscoring just how quickly geopolitical risk ca…
The price of oil jumped after President Trump declared on social media that the U.S. would be “reimbursed” for helping ships transit the Strait of Hormuz.
Oil prices jumped more than 8% on Monday after U.S. President Donald Trump announced the United States would reinstate its blockade on Iran, forcing traders to once again price in the risk of prolonged disruption to energy flows through the Strait of Hormuz.
Data: Financial Modeling Prep ; Chart: Ben Geman/Axios Oil prices surged about 9% Monday to roughly $83 per barrel after President Trump claimed the U.S. was reinstating a naval blockade on Iran, adding to gains already driven by renewed hostilities over the weekend.
The surge in prices could come with adverse implications for Republicans in the midterms, especially as affordability takes center stage for many voters.
Oil prices rose early on Wednesday for the fourth consecutive trading session as the collapsed U.S.-Iran ceasefire precipitated a new crisis in the Strait of Hormuz and Iran threatened to close “all other export corridors that benefit the US and its allies.
