Oil Rallies Above $110 as Trump Extends Iran Bombing With No Exit Plan

Trump extended the US-Israeli bombardment of Iran for another two to three weeks, threatening to hit Iran extremely hard.

“Oil prices rose more than $5 as President Donald Trump said the United States would continue attacks on Iran without committing to a specific timeline to end the war, fanning investor fears about sustained disruptions to supply”

Al Jazeera

Brent crude initially jumped more than 8% to $109 before retreating.

Al Jazeera

Oil prices had fallen below $100 just a day earlier amid hopes the war might end quickly.

Trump's lack of a clear exit plan sent oil prices flying.

Meyka reported oil jumped more than 5% in a single session due to unclear statements and supply fears.

Anadolu Ajansı

CNBC noted nearly 1 billion barrels could be lost by the end of the month.

Iran continues to control the Strait of Hormuz, through which roughly one-fifth of global oil supply transits.

Al Jazeera reported Iran declared the Strait closed and threatened no mercy or forgiveness.

Trump told other countries to bypass Iran and reopen the Strait unilaterally.

Asian stocks fell -- South Korea's Kospi dropped 4.5%.

European indexes were overwhelmingly in the red.

BBC

The Dow Jones closed down 0.13% while the S&P 500 ticked up 0.11%.

The economic and humanitarian costs of the conflict mount.

“The United States and Israel began their attacks on Iran one month ago”

Brookings

Oil-importing countries, airlines, logistics, and manufacturing face higher costs.

Brookings

The Atlantic Council warned the campaign was a high-risk gamble with unclear objectives.