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Oil Prices Hit a New Wartime High as Iran Standoff Shows No End in Sight – The New York Times

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Oil Prices Hit a New Wartime High as Iran Standoff Shows No End in Sight – The New York Times

Oil prices hit a fresh wartime high on Thursday, surging above $120 a barrel before pulling back in volatile trading on concerns that the war in Iran could escalate, leading to a longer disruption of fuel supplies from the Middle East.

President Trump maintained his stance that the naval blockade of Iran’s ports would persist until Tehran gives up its nuclear program. His remarks to Axios on Wednesday suggested that the standoff over the Strait of Hormuz, the vital trading route for oil and natural gas supplies, was not nearing a resolution.

The average price of regular gasoline in the United States has followed oil higher, hitting $4.30 a gallon on Thursday, up 27 cents in a week, according to data from the AAA motor club.
Thematic Map: Vermont Town Population Non-Contigous Cartogram

Nasdaq Rises for 10th Day in a Row, Oil Slips Below $100 — Live Markets

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Stock Market Today: Nasdaq Rises for 10th Day in a Row, Oil Slips Below $100 — Live Markets

The U.S. blockade of the Strait of Hormuz is proving to be no bother to investors.

Stocks rose on Tuesday, with the Nasdaq composite's 2% move giving it a 10th straight day of gains. The S&P 500 rose 1.2%, putting the broad benchmark within 0.2 percentage point of a record. The Dow Jones Industrial Average added 318 points, or 0.7%.

Oil prices retreated with U.S. crude sliding 7.9% to $91.28 a barrel, the lowest level since March 25. Brent crude, the international benchmark, dropped 4.6% to $94.79.
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