World news
fromwww.theguardian.com
1 day agoOil price hits wartime high after Trump warns Iran blockade could last months'
Brent oil prices surged above $126 due to US-Iran tensions and a blockade of Iranian ports.
The markets are under pressure to start the session, with all three of the major stock market averages trading in the red. The U.S. is preparing for potential airstrikes on Iran amid escalating tensions, drawing comparisons to the situation leading up to the Iraq invasion in the early 2000s, though President Trump is hopeful for a deal. The uncertainty has sent the Brent oil price soaring to above the $71 per barrel threshold, while Exxon Mobil ( NYSE: XOM) is tacking on 1% today.