Oil prices spiked on Tuesday after Iran fired a series of ballistic missiles at Israel, pushing prices to the highest level in nearly one year.
West Texas Intermediate (CL=F) rose more than 5% to trade just below $72 per barrel. Brent (BZ=F), the international benchmark price, also climbed roughly 5% to hover firmly above $75 per barrel.
$10 says a large number of Trump voters will claim the dock workers strike is the sole cause of the increase, and blame Biden for not forcing them back to work.
A gentleman does not bet on a sure thing. They would have claimed it even if there wasn’t any price increase.
“In any event, the impact on oil prices will remain the key channel of transmission to the global economy,” Reilly added, noting Iran accounts for about 4% of global oil output. “An important consideration will be whether Saudi Arabia increases production if Iranian supplies were disrupted.”
I was just commenting on an article here the other day about how Saudi Arabia had just increased their production.
Saudi Arabia to drop $100 crude target to win back market share, FT reports
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