Trump's Iran Speech Sparks Oil, Gas Price Surge
UK News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
President Trumps recent speech on the US and Israels war with Iran sent oil prices soaring, with Brent crude hitting $107.50 a barrel. The UKs wholesale gas prices also surged, causing electricity costs to rise. Asian markets plummeted, with Koreas Kospi down 4.5% and Japans Nikkei off 2.3%. The dollar strengthened, weakening the pound. Investors fear a seventies-style energy crunch due to the month-long blockade in the Strait of Hormuz. In the UK, home heating oil remains double pre-war levels, petrol and diesel prices jumped, and food inflation could reach 9% by years end. The FTSE one hundred dropped 0.6% and sterling slipped against the euro. Despite previous attempts to ease prices, they continue to rise amid the chaos, leaving markets jittery as the war continues.
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