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    Oil prices jump seven per cent after Iran shuts Strait of Hormuz again



    Oil prices jump seven per cent after Iran shuts Strait of Hormuz again

    CommSec’s James Gruber says oil prices have “jumped” seven per cent as a result of Iran shutting down the Strait of Hormuz after Tehran claimed the US breached a ceasefire agreement.

    “A weekend is a long time in markets. On Friday, you had Iran suggesting the Strait of Hormuz was open – that led to a surge in markets, so the S&P 500 finished up 1.2 per cent and the Nasdaq was even higher, and they both closed at record highs,” Mr Gruber told Sky News Australia.

    “Oil prices plunged on Friday as a consequence of that announcement, but over the weekend, Iran said that the Strait of Hormuz was closed again, and that was due to them saying that the US has breached its ceasefire agreement via continuing blockades of the Strait.

    “What’s happened since? This morning, oil prices have jumped again by around seven per cent.”

    Presented by CommSec.

    22 Comments

    2. @Lip_Service69 on

      A brave leader such as President Trump should and will continue to show daring bravado; Iran has pushed around a raging lion for many years and President Trump should do a flex by putting boots on the ground. He is very muscular, as are the American people. There's an abundance of oil underneath the rocky terrain and the people must have it for new Ford F150s and Humvees.

      My colleague from France-Jean Pierre-visited your fine country last summer and was amazed by your men and women's ability to flex while showing their everlasting mightiness to the world. Jean Pierre is quite the fitness buff and therefore attended a local gym to adapt to the local colour and muscularity. All of your men allowed my colleague to feel and caress their strong American muscles after their collective training sessions. He told me that even though the gym attire that American men wear is so sleek and form fitting-unlike the caramel complected men of the global south who wear sleek thongs which display their luscious and protruding nether regions-yet, he wasn't able to take his eyes off of the big surprises flopping around in their thigh high athletic shorts.

      Although my colleague lusted silently for a long time over the hot European-American beef, eventually, conversation was made, and Jean Pierre wasn't the least bit surprised to hear those lovely jocks give their full-throated support for a full-on invasion of Trump's Iran. They also went on to explain how they-along with with many friends and family members-have always supported their president from the get-go! My colleague has such fond memories of his visit to your beloved United States and the many pleasurable activities that he partook in with your beautiful and muscular men!

    10. @Tisme-d5s on

      Every landmass on earth has oil underground, that's a fact. The reason Iran sells so much oil is because they can't get the same money selling Sand… get the picture… we need to re open our oil refineries

    11. @marymartin-q2y on

      So it seems that global thing one size fits all was more of a noose, we all thought cucina povera was a thing of the past glamourised by chic restaurants but no! It was so we don't forget how to survive when the noose tightens

    13. @dominicpelle7841 on

      Remember when Doctor Jesus Trump said that whatever the outcome we WIN 🤪—> **HE'S A MADMAN** Unstable irrational full of hubris megalomaniac sociopath dumb as a rock dancing 🤡

    14. @fred4687 on

      It's Monday, oil prices are rising again. Trump will soon be back on his ironically named social media platform to post more market manipulation fiction after people close to the US regime have submitted their market trades.

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