AXIOS (Ben Geman) - Oil prices jump after Strait of Hormuz setbacks
Data: Financial Modeling Prep ; Chart: Ben Geman/Axios Oil prices are up around 6% Sunday evening after the weekend brought fresh escalation of the U.S.-Iran conflict. Why it matters: The jump after international markets opened reverses a large chunk of the sharp decline Friday, when President Trump and Iran's foreign minister claimed the Strait of Hormuz was opening to tanker traffic. - The longer oil transit remains throttled, the longer crude prices will remain high. - That affects U.S. drivers, because the county is deeply tethered to the global oil market despite being the world's largest producer. The latest: The global benchmark Brent crude is up to $95.42 Sunday night, while WTI, the main U.S. reference, is at $89.77. Catch up…
Data: Financial Modeling Prep ; Chart: Ben Geman/Axios Oil prices are up around 6% Sunday evening after the weekend brought fresh escalation of the U.S.-Iran conflict. Why it matters: The jump after international markets opened reverses a large chunk of the sharp decline Friday, when President Trump and Iran's foreign minister claimed the Strait of Hormuz was opening to tanker traffic. - The longer oil transit remains throttled, the longer crude prices will remain high. - That affects U.S. drivers, because the county is deeply tethered to the global oil market despite being the world's largest producer. The latest: The global benchmark Brent crude is up to $95.42 Sunday night, while WTI, the main U.S. reference, is at $89.77. Catch up…Open