Trump's Iran Warning Sends Oil Prices Soaring
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Show Notes
Oil prices surged Wednesday following President Trumps stern warning to Iran, with Brent crude reaching a high of $109.80 a barrel. Trump ordered the U.S. Navy to shoot down Iranian gunboats harassing American ships, escalating tensions and pushing Brent towards $110. Analysts see this as a move to divert attention from the coronavirus crisis, but it sent shockwaves through markets. Oil prices have been plummeting due to pandemic-induced demand drop and storage overflow. Keep watch on OPECs proposed cut of up to 20 million barrels a day to stabilize the market.
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