Mahmoud Ahmadinejad
سپاه پاسداران انقلاب اسلامی
Oil prices jump after U.S. seizes Iranian vessel
Brent oil futures rose 5.6% to settle near $95.50 a barrel, while European gas climbed as much as 11%.
Prices climbed higher after Donald Trump told Bloomberg that the "Strait of Iran" was "completely open", and then ordered an attack on a civilian ship in the Indian Ocean.
“The strait was never opened as far as I’m concerned,” said Frank Monkam, head of macro trading at Buffalo Bayou Commodities.
Oil prices have been highly volatile amid Trump's rapidly shifting positions on the negotiations’ status and whether ships can navigate the critical waterway through which nearly a quarter of the world’s energy supplies transit.
Commercial traffic through the strait was at a virtual standstill on Monday, with just one oil products tanker seeking to exit the vital waterway and one oil tanker and a liquefied petroleum gas vessel traveling the other way.
The conflict has triggered an unprecedented supply shock, intensifying inflationary pressures and weighing on worldwide economic growth. The cumulative global impact of the war will begin to emerge this week, with business surveys from multiple countries potentially flagging risks of stagflation.
US Energy Secretary Chris Wright said US gasoline prices may remain high until next year. Trump described the assessment as “wrong,” adding that consumer prices will come down “as soon as this ends.” Higher gasoline prices pose a major political risk for Trump’s political party in a midterm-election year.
Brent oil futures rose 5.6% to settle near $95.50 a barrel, while European gas climbed as much as 11%.
Prices climbed higher after Donald Trump told Bloomberg that the "Strait of Iran" was "completely open", and then ordered an attack on a civilian ship in the Indian Ocean.
“The strait was never opened as far as I’m concerned,” said Frank Monkam, head of macro trading at Buffalo Bayou Commodities.
Oil prices have been highly volatile amid Trump's rapidly shifting positions on the negotiations’ status and whether ships can navigate the critical waterway through which nearly a quarter of the world’s energy supplies transit.
Commercial traffic through the strait was at a virtual standstill on Monday, with just one oil products tanker seeking to exit the vital waterway and one oil tanker and a liquefied petroleum gas vessel traveling the other way.
The conflict has triggered an unprecedented supply shock, intensifying inflationary pressures and weighing on worldwide economic growth. The cumulative global impact of the war will begin to emerge this week, with business surveys from multiple countries potentially flagging risks of stagflation.
US Energy Secretary Chris Wright said US gasoline prices may remain high until next year. Trump described the assessment as “wrong,” adding that consumer prices will come down “as soon as this ends.” Higher gasoline prices pose a major political risk for Trump’s political party in a midterm-election year.