[NBCnews] U.S. crude oil soared 12%, while Brent, the international oil benchmark, surged 14% after trading began at 6 p.m. ET. Sunday.
Even before the weekend's escalation, oil prices had risen 17% this year off President Donald Trump's ramped-up rhetoric against the Iranian regime. The Trump administration has also ratcheted up sanctions on Iran in recent months.
While Iran's oil production is estimated to be less than 5% of global output; most of which goes to China because of U.S. sanctions; it has major influence over the Strait of Hormuz, a critical passageway for more than 20% of the world's daily oil demand.
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Probably will take a few weeks to come down again.
Gold, the dollar and Treasury instruments will be up this week. |
It's all an evil Musk scheme to sell more EV's. More from NBC coming soon.
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