Trump's Iran Tweet Sends Oil Prices Soaring
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Oil prices surged Wednesday following President Trumps tweet ordering the U.S. Navy to take action against Iranian gunboats, pushing Brent crude to a peak of $109.80 and WTI to $103.80. Analysts attribute this to heightened tensions in the U.S.-Iran standoff, despite potential distractions from the coronavirus crisis. Oil prices have been plummeting due to lockdowns reducing global demand and storage tanks nearing capacity. Meanwhile, OPEC and allies are pushing for a significant production cut, which could stabilize the market if agreed upon.
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