Oil prices now 50% higher since Iran War began
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Rising oil prices were the final nail in the coffin for Spirit Airlines. Oil prices jumped sharply on Monday and stocks fell in volatile trading amid a flare-up in the conflict in the Persian Gulf and deepening uncertainty over the near-total shutdown of ship traffic through the Strait of Hormuz. New attacks were reported in the United Arab Emirates and Oman, and U.S. Central Command said Navy ships shot down Iranian cruise missiles and drones that had been fired at ships. On Sunday, President Trump had said that the United States would “use best efforts” to get ships out of the strait that were not involved in the conflict but offered scant details about how the process would unfold. But Iran rejected the U.S. efforts and threatened to attack American warships and any commercial vessels that might try to move through the strait. Caption from article by The New York Times.
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