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Commodities

Oil Prices Soar as Trump Threatens Retaliation Against Iran

Guavy AI Editorial Team
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Oil
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Global oil prices surged over 7% on Wednesday after President Donald Trump vowed to retaliate against an Iranian attack, ending a brief calm that had raised hopes for a negotiated resolution.

The Dow Jones Industrial Average plummeted 710 points, or 1.3%, while the S&P 500 increased 0.6%. The tech-heavy Nasdaq declined 0.8%.

Oil prices account for a significant share of auto gasoline costs, with the average price per gallon currently at $4.09, according to AAA, marking a 37% jump since war broke out in late February.

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