Oil prices jump as Trump threatens tariffs on Iran trade
Oil prices surged after Donald Trump announced steep tariffs on countries trading with Iran. The move has raised concerns about restricted crude supplies and heightened geopolitical tensions. Market analysts noted that unrest in Iran and threats of military action have added to the uncertainty. Investors reacted to these developments, as well as ongoing inflation and central bank decisions.
TLDR
- Oil prices rose around three per cent after Donald Trump announced new tariffs targeting countries trading with Iran.
- Analysts say supply concerns and Iran’s domestic unrest are driving the price increase.
- The tariffs are expected to impact major trading partners like China.
- US stocks fell from record highs despite easing inflation, while European markets remained mostly flat.
- Gold and silver hit record highs as investors sought safe havens amid geopolitical uncertainty.
