New Iranian Supreme Leader Mojtaba Khamenei said Thursday that Tehran would continue blocking the Strait of Hormuz, sending the price of oil back above $100.
Nearly two weeks of war has created the largest oil supply disruption in history, the International Energy Agency said Thursday. Wall Street, typically immune to geopolitical shocks, is “slowly adjusting to a slightly longer conflict,” a Wall Street Journal markets columnist wrote.
“This isn’t a time to be confident about the outcome.” The three-digit oil price “marks a psychological threshold” at which pressure could intensify on the US to end the war, Bloomberg wrote.
The White House is reportedly preparing to waive a century-old law to allow foreign ships to move fuel between US ports.
