Commodities
Oil Prices Soar After Trump Vows Retaliation Against Iran
Oil prices surged more than 7% on Wednesday after President Donald Trump vowed to retaliate against an Iranian attack. The increase brought the benchmark index for worldwide crude prices above $90 a barrel.
The rise in oil prices is bad news for consumers, who are already paying $4.09 per gallon of gas on average, according to AAA. This is 37% higher than before the war broke out in late February.
Trump's statement that the U.S. will 'hit them hard' sparked a sharp increase in oil prices, which had previously fallen due to hopes for a negotiated resolution to the conflict.