Oil continued its slide Tuesday, but the wild price swings triggered by Washington’s Iran war messaging have rattled even the most experienced traders.
After Monday’s surge to nearly $120 a barrel, crude prices settled on optimism over large economies possibly releasing strategic oil reserves.
But the CEO of Saudi Arabia’s state-owned oil company warned of “catastrophic consequences” for the world economy if shipments through the Strait of Hormuz remain frozen.
The oscillations have even the most sanguine experts sounding the alarm, and are testing traders who “typically thrive on volatility,” Bloomberg wrote.
One said, “we’re being stress-tested by headlines and tweets,” while a London trader compared it to playing a video game “for 24 hours straight.”
