Oil prices jump as US-Iran tensions escalate
Oil prices jumped on Wednesday, with Brent and WTI both rising nearly 1%.
The main reason? Tensions are heating up between the US and Iran, and President Trump is talking about sending even more military power to the region.
Why it matters?
When oil prices rise, they can contribute to higher fuel costs and consumer prices.
If you drive or just like to keep an eye on your expenses, these global moves could hit closer to home than you'd think.
Plus, investors are seeing more ups and downs in energy markets thanks to all this uncertainty.
What is the current situation?
The US has recently moved additional military assets near Iran because of ongoing unrest and suspended nuclear talks.
Trump told Axios he might send a second aircraft carrier if negotiations in Oman don't work out.
Meanwhile, Iran says talks are still moving forward after their latest meeting in Muscat—but things remain pretty tense.