The oil market once again reacted to military maneuvers, marked by a rise in energy resource prices.
Global oil prices rose on Sunday after Tehran warned of a potential ground invasion by the U.S.
This was reported by RBC-Ukraine, citing CNN.
Thus, the price of Brent crude, the global benchmark, increased by 2.47% to $107.92 per barrel, while the price of American oil rose by 2.94% to $102.57.
The publication notes that futures for stocks, on the other hand, fell on Sunday: Dow futures dropped by 0.53%, or 241 points. S&P 500 futures fell by 0.46%, while Nasdaq futures decreased by 0.48%.
CNN reports that the war in Iran has caused the largest oil disruptions in history due to the closure of the Strait of Hormuz, through which 20% of the world’s crude oil passes. Strikes targeting oil and gas facilities have also led to rising gasoline prices.
“Americans are paying the price for the consequences of war at the gas stations: a gallon of gasoline in the U.S. averaged $3.98 on Sunday,” the CNN article states.
Trump Administration in Panic
As is known, the sharp change in the oil market situation, which arose after Iran’s closure of the Strait of Hormuz, negatively affected the U.S. Fuel prices surged in the States, leading to panic in President Donald Trump’s administration, as this is quite a negative factor ahead of the elections.
At that time, Washington turned its attention to the Strait of Hormuz and called on NATO allies for help, asking them to send military ships to the region. However, U.S. allies in the Alliance refused Trump, for which he decided to take revenge, although he had ruled out this option.
