Commodities
Brent Oil Price Surges as Trump Threatens Iran Retaliation
The Brent oil price has surged to $92.27 per barrel after President Donald Trump vowed to hit Iran hard in retaliation for an attempted surprise attack on American forces in the Middle East.
Markets have been reacting to the back-and-forth in the conflict, with CNBC reporting that Brent crude futures gained 7.9% to close at $90.74 a barrel on Wednesday.
The US Strategic Petroleum Reserve can help soften price spikes during supply shocks, but it is meant for temporary relief rather than a long-term fix.
Helima Croft, head of commodity strategy at RBC Capital Markets, remains skeptical that the calm will last, saying 'We remain exceedingly skeptical that we are on the brink of a major diplomatic breakthrough.'