Oil Prices Fall Sharply After Iran Says Strait of Hormuz Is Open
But analysts said it was not clear how quickly the oil industry in the Persian Gulf would be able to get back to normal.
But analysts said it was not clear how quickly the oil industry in the Persian Gulf would be able to get back to normal.
Statements from President Trump and Iran aimed to raise confidence in the safety of the waterway, but shipping experts said risks remained.
Stocks may be soaring again, but the war in Iran has started to pinch the finances of many Americans.
If tankers do not soon begin crossing the Strait of Hormuz, airlines in Europe may not have enough jet fuel to operate all of their flights.
President Trump is confronting a crisis that is not bending to his narrative of a “pretty reasonable” new regime in Iran and all-but-assured victory for the United States.
In a thinly veiled critique of the war in Iran, China’s leader said the world could not risk reverting “to the law of the jungle.”
The prime minister said that his government was also investing in ways to boost oil and gas production.
The conflict could also fuel another bout of inflation, according to the International Monetary Fund.
Oil markets shrugged it off, but the effort to hurt Iran could provoke retaliation that inflicts more damage on energy assets and the global economy.
European countries declined to take part in the action, which is designed to pressure Iran into making concessions by cutting off its oil income.