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Already on the backfoot this morning, Thursday afternoon has seen US stocks shunted even lower as the price of Oil skyrocketed 9% due to the war with Iran. US Oil (WTI) reached a high of $81.64 on Thursday, its highest level since the summer of 2024, while Brent reached $85.85. Higher oil prices are normally bad for the US consumer, and stocks took it on the chin with the Dow Jones Industrial Average (DJIA) slipping 2.25%, while the S&P 500 and NASDAQ both lost more than 1%. Oil shock shows little sign of letting up An Iranian missile attack on an Oil tanker in the Strait of Hormuz led to a fire onboard, forcing the US-flagged ship’s crew to abandon it. President Donald Trump just stepped in on Wednesday to offer insurance to ships, which had lost their prior insurance due to the onset of Israel and the United States’ bombing campaign against Iran, which began on Saturday. Now in its sixth day, the war is showing signs that the hit to Oil supply, as well as natural gas, won’t be a blip. Qatar has already shut down its LNG terminals this week, and approximately 150 tankers are stuck in the Persian Gulf. The Strait of Hormuz is a waterway connecting the Persian Gulf, where 20% of global oil supply transits, to the Indian Ocean and the wider world. Iran announced earlier in the week that no ships would be allowed to transit out of the Strait while the war persists. In more signs that the war is putting a dent on supply, Exxon Mobil said it shipped its first cargo of gasoline to Australia on Thursday, and China banned petroleum exports in a sign that officials are worried about supply constraints. The Chinese government has ordered its two major…

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Filed under: News - @ March 5, 2026 9:18 pm