Oil prices see biggest 1-day jump since last October
Oil prices just saw their biggest one-day jump since last October.
This spike comes after nuclear talks between the US and Iran were described as inconclusive, sending West Texas Intermediate crude near $65 a barrel and Brent crude above $70—the highest in weeks.
US military action against Iran worries markets
Reports hinting at possible US military action against Iran—and Israel pushing for regime change—have everyone worried about oil supply disruptions.
Things got even more tense amid concerns about the Strait of Hormuz, a vital route for oil shipments.
Russia-Ukraine war adds to global anxiety
On top of that, failed peace talks between Ukraine and Russia have added extra anxiety to global markets.
With mid-term elections coming up, President Trump is under pressure—nobody wants gas prices soaring during an election year, which could anger voters if a spike in crude prices makes gasoline more expensive at the pump.