Go ahead and fill up your gas tank. Lower prices are not imminent.
Oil prices jumped higher today—as much as 13%—after President Trump dashed any hopes of an immediate end to the Iran war last night, saying in a prime time address that the US will be hitting Iran “extremely hard” in the coming weeks.
Futures for West Texas Intermediate crude, the US benchmark, surged 11.2% to close over $110 per barrel, while the international benchmark, Brent crude, climbed 8% to settle at $109 per barrel. It was the first time in almost four years that US crude closed above Brent.
Investors had been looking for a sign that the Strait of Hormuz, a key shipping lane for oil, may reopen. Before the war, about one-fifth of the world’s oil went through the strait.
During his address, Trump maintained that the war was “nearing completion.”
📸: Getty
Go ahead and fill up your gas tank. Lower prices are not imminent.
Oil prices jumped higher today—as much as 13%—after President Trump dashed any hopes of an immediate end to the Iran war last night, saying in a prime time address that the US will be hitting Iran “extremely hard” in the coming weeks.
Futures for West Texas Intermediate crude, the US benchmark, surged 11.2% to close over $110 per barrel, while the international benchmark, Brent crude, climbed 8% to settle at $109 per barrel. It was the first time in almost four years that US crude closed above Brent.
Investors had been looking for a sign that the Strait of Hormuz, a key shipping lane for oil, may reopen. Before the war, about one-fifth of the world’s oil went through the strait.
During his address, Trump maintained that the war was “nearing completion.”
📸: Getty
