Oil prices jump 5% after Donald Trump’s speech, may head toward $120 as US–Iran war escalates
Oil prices fell sharply after US President Donald Trump said the war in Iran was 'very complete', but global stock markets rebounded. The conflict could lead to higher inflation and disruptions to energy supplies, with the International Energy Agency discussing options to stabilize the global oil market.
Oil prices dropped after US President Donald Trump commented on the war in Iran. The price of crude fell to below $90 a barrel. The US-Iran conflict has caused disruptions to energy supplies, with about a fifth of the world's oil passing through the Strait of Hormuz. The International Energy Agency met with G7 nations to discuss stabilizing the global oil market. The conflict has led to higher oil prices, with average petrol prices rising in the US and UK. The situation remains volatile, with energy markets in a state of uncertainty.
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