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 tough stance on Iran, with Brent crude peaking at $109.80 and WTI climbing to $103.80. Analysts attribute this to Trumps tweet ordering the U.S. Navy to take action against Iranian gunboats. Despite the pandemics impact on oil demand, causing a drop in prices, the recent surge has oil traders on edge. OPEC and allies are pushing for a significant production cut, potentially 20 million barrels a day, to stabilize the market.
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