Trump, Tehran and Oil
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Brent crude spiked over 2.5% on Tuesday after Israel launched an airstrike on Iran’s underground uranium enrichment facility at Natanz
Oil surges as Israel attacks Iran in Middle East conflict, stocks slide with the Dow, S&P 500 and Nasdaq erasing weekly gains. Gold hits new record. FOX Business is providing real-time updates on the markets,
US and Brent crude prices jumped on fears of supply disruption from the Middle East as Iran has repeatedly threatened to close a key shipping route.
A spike in international crude oil prices triggered by geopolitical tensions poses a significant risk of depreciation for several major Asian oil-importing currencies, according to analysts.
A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the Consumer Price Index by 0.5 percentage points,
Soybean oil rallied on the Trump administration’s proposal allowing oil refiners to blend more biofuels into gasoline and diesel next year.
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