Oil prices surge, as stocks tumble on Iran war worry
Oil prices surged on Thursday after US President Donald Trump's remarks on Iran, causing global equity markets to retreat. The US and Iran have exchanged statements, with Trump saying the US would hit Iran 'extremely hard' in the coming weeks, leading to increased tensions and market volatility.
Oil prices rose sharply on Thursday due to concerns over the Iran war. US President Donald Trump said the US would hit Iran hard in the coming weeks. As a result, Brent crude surged over 7% to $108.84 a barrel. Global equity markets fell, with the Dow Jones Industrial Average declining 0.39%. The US dollar gained, and gold prices fell. The yield on benchmark US 10-year notes fell, while euro zone benchmark Bund yields rose. Tensions between the US and Iran continue to impact the market.
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