Oil climbs as Trump ultimatum and Iran’s Hormuz threat loom
TL;DR Summary
Oil prices rose after Trump warned he would obliterate Iran’s power plants if the Strait of Hormuz isn’t reopened, while Iran pledged to close the strait indefinitely. Brent crude jumped about 1.7% to around $114 a barrel and US crude rose about 2% to near $100, with Goldman Sachs signaling prices could stay elevated through 2027. The conflict pushed US gasoline toward ~$3.94 per gallon, and Dow futures fell as traders weigh the risk of supply disruptions in the world’s busiest oil-shipping lane.
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- Oil prices volatile after Trump's Strait of Hormuz threat Axios
- Oil prices to rise further on Monday as Mideast war escalates Reuters
- Oil prices could reach record highs, analysts warn. Here's what it could mean for the U.S. economy. CBS News
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