| Get ready for $200 oil |
Illustration: Annelise Capossela/AxiosOil prices are popping after President Trump failed to offer a clear plan for reopening the Strait of Hormuz during his Iran speech last night. Trump called on other countries to “take the lead in protecting the oil that they so desperately depend on. “Officials from more than 40 countries — though not the U.S. — are meeting today to discuss opening Hormuz. Oil could surge to an unprecedented $200/barrel if Hormuz stays closed, Axios’ Amy Harder reports. Brent crude futures are at about $107/barrel as of midafternoon, up 6.7% from yesterday. Data: Financial Modeling Prep; Chart: Erin Davis/Axios Analysts at Macquarie, a financial services company, say oil could reach $200 if the Iran war drags into June. Trump said last night that the U.S. campaign will last another two to three weeks. He said after the war, oil will start “flowing and the gas prices will rapidly come back down. Stock prices will rapidly go back up. “Jason Bordoff, founding executive director of Columbia University’s Center on Global Energy Policy, tells Axios: “There is no policy option to prevent oil prices from marching up toward $200 a barrel if the Strait of Hormuz remains closed.” $200 oil could be catastrophic for our globalized economy: Gas and jet fuel prices would skyrocket, prompting painful changes in global energy consumption. Some countries are already rationing fuel or imposing price controls. Food prices would rocket up as fertilizer gets more expensive. Prices for foreign-made consumer goods — electronics, clothing, anything else imported — would also climb.Go deeper. |
-
Archives
- April 2026
- March 2026
- February 2026
- January 2026
- December 2025
- November 2025
- October 2025
- September 2025
- August 2025
- July 2025
- June 2025
- May 2025
- April 2025
- March 2025
- February 2025
- January 2025
- December 2024
- November 2024
- October 2024
- September 2024
- August 2024
- July 2024
- June 2024
- May 2024
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
- June 2015
- May 2015
- March 2015
- January 2015
-
Meta
Illustration: Annelise Capossela/Axios
Data: