Trump's tit-for-tat war with Iran escalates. You pay the price.
Source: Mish Talk
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DW NOTE
Trump imposed new sanctions on Iranian crude exports last week. Iran responded by threatening to restrict tanker traffic again. Oil markets are pricing in supply risk that didn't exist a month ago — when the Strait had just reopened and traffic was recovering. The US turned a resolved crisis back into an active one.
Oil prices hit the $100 per barrel mark early on Wednesday in Asian trade as the ongoing crisis in the Middle East has diminished hopes of U.S.-Iran talks and a return to normal oil flows soon. As of early morning trade in Europe on Wednesday, the international benchmark, Brent Crude, jumped by 2.2
Bitcoin advanced to as high as $79,700 while Brent crude topped $100 and European shares fell, leaving crypto tracking gold rather than equities.
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