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Commodities

Trump Threat Sparks Oil Price Surge Amid Escalating US-Iran Tensions

Guavy AI Editorial Team
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Oil
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Oil prices surged over 7% on Wednesday after President Donald Trump vowed retaliation 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% as major stock indexes tumbled.

Oil prices account for a large share of the price of auto gasoline, with the average price currently standing at $4.09 per gallon, a 37% jump since war broke out in late February.

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