US Edition
The Iran War Is Dialling US Economic Danger up to 11
Closure of the Strait of Hormuz has pushed oil prices above $100 per barrel, leading to production cuts and steep gasoline price increases, analysts say.
- On Sunday, oil futures topped more than $100 per barrel after reports of attacks near the Strait of Hormuz, and the U.S. stock market opened sharply lower.
- Following reported tanker attacks on Friday, President Trump's strikes prompted maritime incidents, including a tanker fire and the Strait of Hormuz effectively closing, analysts reported.
- Analysts warned U.S. drivers that gasoline prices could climb 20 to 50 cents per gallon this week and diesel prices may rise 35 to 75 cents per gallon.
- The Wall Street Journal warned supply shocks are adding to inflationary pressures, describing the disruption as 'the most severe energy crisis since the 1970s' and warning it threatens the global economy.
- Analysts say prolonged disruptions could cause oil to climb from about $65 to over $100 per barrel, with effects intensifying if closures last multiple weeks.
20 Articles
20 Articles
‘The Situation Is Scary’: Global Economic Chaos as Trump’s Iran War Sends Markets Diving
In one of the scariest moments in modern history, we're doing our best at ScheerPost to pierce the fog of lies that conceal it but we need some help to pay our writers and staff. Please consider a tax-deductible donation. Brad Reed for Common Dreams President Donald Trump’s unprovoked and unconstitutional war against Iran is sending shockwaves across the global economy in the form of skyrocketing oil prices and diving financial markets. The pric…
The war in Iran could have a major impact on American stock markets.
Crude oil prices have risen above the symbolic $100 per barrel mark for the first time since 2022. And European gas prices jumped 30 percent at the start of trading this morning. This is the result of the Israeli-US offensive against Iran and Iranian counterattacks, which have shut down one of the most important oil and gas shipping routes and caused Middle Eastern oil and gas producers to cut back on production.
The price of Brent oil jumps dramatically upwards. There is no end in sight in the Iran war. The transit of oil and gas through the important road of Hormuz is practically silent. Stock exchanges react.
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