Oil Prices Soar as Trump Vows Retaliation Against Iran

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

The price jump saw crude benchmarks climb above $90 per barrel, with the average price of auto gasoline rising by 37% since war broke out in late February, now standing at $4.09 per gallon according to AAA.

Major stock indexes plummeted, with the Dow Jones Industrial Average falling 710 points or 1.3%, while the S&P 500 increased 0.6% and the tech-heavy Nasdaq declined 0.8%.