Posted on 03/08/2026 4:26:52 PM PDT by Trump20162020
Iran has threatened to attack any oil tanker passing through the Strait of Hormuz, through which 20% of the world’s oil transits.
US oil futures rose 18% to about $108 a barrel, their highest level since July 19, 2022.
Brent futures, the global benchmark, increased 16%, near $108 a barrel.
Surging oil prices have weighed heavily on stocks in recent days, as traders fear that a prolonged spike in fuel prices could lead to another spike in inflation and hurt the economy. Dow futures dropped more than 800 points, or 1.7%. S&P 500 and Nasdaq futures fell 1.6%.
Triggered by the shock of the initial February 28 strikes in Iran, the average price of gasoline in America reached $3.45 a gallon on Sunday, up 16% from the week prior, according to AAA.
(Excerpt) Read more at cnn.com ...
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this price rise is an over-reaction and will be brief, just like silver at 120 a few weeks ago ...
Chat GPT: The highest price ever recorded for crude oil was reached in July 2008.
$147.27 per barrel – West Texas Intermediate crude oil
Profiteering.
Wild speculation. Prepare for $50 a barrel in September
Stock market futures are deep in the red. I would not be surprised if the market closes higher Monday.
Yep, Dow is down over 800 points.
Oil, oil, oil...
That all that is being talked about. The sale of oil in Iran has been almost non-existent for a long time with our cutting off their sales. So, it isn’t about the oil, it’s about the greed of people in that area. And they need to be told so and acted upon. This is the tariff way.
wy69
“this price rise is an over-reaction and will be brief, just like silver at 120 a few weeks ago ...”
Oh, it’ll last longer than a day.
Couple of months, easy.
Pumping will have to stop soon in the Gulf, and the infrastructure can take weeks to clear the baffles and get back to normal.
An actual declaration of war will change everything. Prices can be frozen for the duration, our media can be taken off the air if they are giving aid and comfort to the enemy (hello NBC, interviewing the latest bearded goat from Iran)
“Kuwait declares force majeure, cuts crude oil output due to Middle East conflict”... Reuters
STOP SELLING OUR GAS TO BIDENSKYYYY’S 20 MILLION ILLEGAL ALIEN INVADERS!!!
Maybe the Straits are being closed by the UK - Lloyds of London?
It will take months to get oil prices back to where they were before the war in Iran began.
I am betting that President Trump will get this Iran intervention wrapped up within the 60 day window allowed under the War Powers Act. The ongoing deterioration of Iran’s military capacity and destruction of their energy infrastructure will render Iran impotent for years to come at the rate the American and Israeli air forces have worked and are working. Regime change would be desirable, but that may be unachievable.
We didn't talk about it when Biden's action caused the price of oil to go up?
If it is not wrapped up in the 60 day time period you mentioned, there is no telling how high oil will go.
It was only a matter of time.
I trust President Trump’s judgment on the Iran war. My one wish is that he will be as tough on the enemy within as he has been with the Iranian mullahs.
this price rise is an over-reaction and will be brief, just like silver at 120 a few weeks ago ... >>>>> I don’t think the war risk premiums have been set yet. So nothing is moving. Hormuz is a little different than silver trading.
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