Oil surges past $100 a barrel as stocks tumble amid US-Israeli aggression against Iran

(Trump and Russ Vought wanted to make the economy scream so here we go. Cover your ears. This one is gonna get loud.) 

from PressTV

Crude oil prices have soared past $100 a barrel amid a large-scale and unprovoked US-Israeli war on Iran.

The international benchmark of Brent crude jumped more than 20 percent on Sunday, and at one point hit $115 as concerns increased over prolonged disruptions to global energy supplies.

The benchmark was being traded at around $107.50 as of 0230 GMT on Monday following a slight moderation. The uptick marked the first time oil prices climbed over $100 per barrel since the onset of Russia's operations in Ukraine in 2022.

US President Donald Trump, who campaigned heavily on cost-of-living concerns in the 2024 vote, sought to downplay the rise in prices.

"Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for the USA, and World, Safety and Peace," Trump asserted in a post on Truth Social.

US Secretary of Energy Chris Wright also tried to brush off the prospect of soaring energy prices earlier on Sunday.

He told CBS News' Face the Nation program that any increase in prices at the petrol pump would be "temporary."Crude oil prices have spiked by about 50 percent since the US and Israel launched joint strikes on Iran on February 28...

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Dow futures slammed by 600 points after Trump hits Canada, Mexico and China with tariffs

from CNBC

Stock futures dropped to kick off a new trading month after President Donald Trump hit several key U.S. trading partners with tariffs, raising fears that a full-blown trade war would disrupt global supply chains, reignite inflation and slow the economy.

Futures tied to the Dow Jones Industrial Average fell 616 points, or 1.4%. S&P 500 futures dropped 1.6%, while Nasdaq-100 futures lost 1.8%. Futures on the Russell 2000, the small-cap benchmark, lost 2.1%. The Cboe Volatility Index, Wall Street’s fear gauge, briefly spiked above 20 before trading around 19.

The impact from the new tariffs ricocheted around the globe in a risk-off move:

• Major European equity markets sunk with Germany’s Dax benchmark off by nearly 2%.
• Bitcoin tumbled to around the 95,000 level from above $102,000 before the weekend. Ether lost 12%.
• The ICE U.S. Dollar Index, a measure of the U.S. dollar versus several currencies, leaped 1%.
• WTI crude oil jumped 2% on concern of supply disruptions in North America from the new tariffs.

President Donald Trump on Saturday slapped a 25% tariff on goods from Mexico and Canada. He also placed a 10% levy on imports from China. Energy imports from Canada received a lower 10% tariff. Canada responded with retaliatory tariffs of its own, while Mexico said it would explore levies on U.S. imports. The Chinese government, meanwhile, said it would file a lawsuit with the World Trade Organization.

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Oil prices rise 0.6 percent to $76.13 amid potential disruptions from Trump’s tariffs

from Middle East Economy

Oil prices surged on Monday following U.S. President Donald Trump’s announcement of extensive tariffs on imports from Canada, China, and Mexico. The focus on oil prices increase is evident as these tariffs have sparked concerns regarding potential disruptions in oil supply chains, especially from Canada and Mexico, which are major crude suppliers to the U.S.

Tariffs raise concerns for oil supply

At 20:05 ET (01:05 GMT), Brent Oil Futures were 0.6 percent higher at $76.13 a barrel, while crude oil WTI futures expiring in March jumped 1.1 percent to $72.75 a barrel. The new tariffs, effective Tuesday, impose a 25 percent levy on goods from Canada and Mexico and a 10 percent tariff on imports from China. Notably, Canadian energy products were also among the targeted items, facing a 10 percent levy.

Impact on U.S. oil imports and refiners

The U.S. imports approximately 4 million barrels of Canadian oil and nearly 500,000 barrels of Mexican oil daily. The newly imposed tariffs are anticipated to drive up costs for U.S. refiners, particularly those located in the Midwest and Gulf Coast regions, which could result in higher fuel prices and potential production cuts.

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