Oil Tops $100 as Iran Vows to Escalate War, Trump Says US Will Win
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Oil climbs above $100 a barrel as the war with Iran escalates and Tehran says it has no intention of backing down. President Donald Trump says the US will win the war with Iran and suggests the Strait of Hormuz should be renamed the “Trump Strait,” while an Iranian official says Iran is ready to escalate the conflict. Brent crude rallies as the war disrupts energy supplies and fuels renewed inflation concerns. OPEC output slumps as the conflict curbs Saudi flows, with Saudi production plunging by more than 1 million barrels. Iraq, meanwhile, is seeking a significant increase in its OPEC production quota. Asian stocks fall as surging oil prices revive inflation fears, while the dollar hovers near seven-month lows. Investors are also weighing higher crude prices against the US Treasury’s buyback plans. US Treasury Secretary Scott Bessent’s $6 billion buyback plan disappoints investors. His comments on Japan are also raising expectations around monetary policy that the Bank of Japan may s
Tags: Abeer Abu Omar, Africa, Apple Inc., Bloomberg, Bloomberg News, Bloomberg TV, Bloomberg Television, China, Deepak Mehra, Donald Trump, ECB, Economy, Ed Ludlow, Iran, Israel, Middle East, Mideast, OPEC, Oil, Richard Windsor
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