Trump's Iran Speech Sparks Oil, Gas Price Surge

On April 2nd, President Trump's latest speech on the U.S. and Israel, war with Iran, was

meant to calm nerves, but it backfired big time.

He said American forces might pull out in two to three weeks, while warning of hard strikes

on Iranian power plants.

Instead of easing fears, oil prices shot up over 7 percent, with Brent crude hitting

$107.50 a barrel after, tipping below 100 yesterday.

Meanwhile, UK wholesale gas prices climb more than 6 percent right after his words, dragging

electricity costs along since their link to gas.

Asian markets took a hit too.

Korea's cost be down over 4.5 percent, and Japan's Niki off 2.3 percent.

The dollar strengthened, weakening the pound from $1.33 to $1.32.

Investors are freaking out over a potential 70-style energy crunch from the month-long

blockade in the Strait of Hormuz.

Cast the route for over a fifth of global oil and liquefied natural gas, but Iran's

ship attacks in sky-high insurance have shut most tankers down.

Gulf oil states can't ship out, storage is maxed, and production's slowing since you

can't just flip a switch on that stuff.

In the UK, home heating oil stays double-pre-war levels, petrol and diesel jumped more in

March than any month before, and food inflation could hit, 9 percent by year's end.

The FTSC 100 drops 0.6 percent after gains.

Sterling also slipped against the Euro to just over 1 Euro 15.

Shrums tried this before, promising Navy escorts, lifting Russian oil sanctions, even

floating seizing Iran's carg island, but prices keep climbing.

Amid the chaos, markets stay jittery as the war drags on, waiting for real supply fixes.