Oil Jumps as US, Iran Trade Threats

Over the weekend, Trump warned he would “obliterate” major Iranian power plants if the waterway is not reopened to shipping by late Monday. In response, Tehran said it would target US and Israeli assets across the region, including energy, information technology and desalination infrastructure, if its own energy facilities were struck. A senior Iranian official also warned that financial entities purchasing US Treasuries could be considered “legitimate targets.” Oil prices have surged roughly 50% since the Iran war began, as the conflict shows no signs of easing, effectively shutting Hormuz and sharply reducing Middle Eastern oil production. A coordinated release of strategic reserves and US efforts to facilitate the sale of Russian and Iranian oil have so far failed to curb the rally.