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Commodities

Oil Prices Soar as Trump Vows Retaliation Against Iran

Guavy AI Editorial Team
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Global oil prices surged on Wednesday after US President Donald Trump vowed to retaliate against Iran for its overnight missile attack. The benchmark index for worldwide crude prices jumped over 7% and crossed above $90 a barrel.

The price hike was a response to the escalation of fighting between the US and Iran, which had briefly calmed down in recent weeks. However, with Trump's promise to 'hit them hard,' oil prices have spiked once again.

The average price of gas currently stands at $4.09 per gallon, marking a 37% jump since war broke out in late February, according to AAA. Major stock indexes also tumbled, with the Dow Jones Industrial Average plummeting 710 points or 1.3%, and the tech-heavy Nasdaq declining 0.8%.

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