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 as President Trump escalated tensions with Iran, pushing Brent crude over two and a half percent higher to a peak of one hundred nine dollars and eighty cents a barrel. West Texas Intermediate also climbed, closing in on one hundred ten dollars. Analysts attribute this to Trumps tweet ordering the U.S. Navy to take action against Iranian gunboats. Despite the potential distraction from the coronavirus crisis, markets reacted strongly to the saber-rattling. Prices had plummeted due to lockdowns reducing demand and storage tanks nearing capacity. OPEC and allies are proposing a massive production cut of up to twenty million barrels a day to stabilize the market.
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