Oil Markets in Turmoil Amid Iran Conflict
US News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Global oil markets face turmoil as U.S. operations in Iran escalate, threatening supply through the Strait of Hormuz. War-risk insurance costs surge, with premiums expected to rise by up to 50%. Brent crude hits a seven-month high, and prices could jump by $5-$10 upon market reopening. A full closure of the strait is unlikely, but short disruptions could send crude past $90 and disrupt global supply chains. Markets anticipate a risk-off mood, with stocks down 1-2%, gold and the yen up, and oil potentially gaining 5-10% early.
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