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    What the Iran Attacks Mean for Oil, Gold Prices



    What the Iran Attacks Mean for Oil, Gold Prices

    Bloomberg Intelligence’s Mike McGlone explains what the US and Israeli strikes on Iran mean for oil and commodities prices. He speaks on “Bloomberg This Weekend.” Iran has no intention to close the Strait of Hormuz and has kept it open so far, Foreign Minister Abbas Araghchi said in an interview to Al Jazeera TV.
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    33 Comments

    4. @BTD1000 on

      Mike McGlone lacks intelligence. Just another conventional wisdom believing tool of US imperialism. It’s how you keep your job.

    6. @moter2179 on

      Sureee pal "iran" the antagonist. I guess you basically believe your own crap. Its an illegal war of agression. No soverign nation wouldnt do wat they are doing especially given the power asymmetry

    11. @gitano57able on

      According to "the president of peace," gasoline only costs $1.90 per gallon in some states and no more than $2.29 per gallon in others. With the price increase expected due to the Iran-Iraq War, it won't affect us much because in those states where gasoline is "so cheap," the price will only go up slightly. Now the question is, what will happen to the price of gasoline in the states where it hasn't dropped a single cent? Will we be paying $7 per gallon?

    21. @dogsarefun2 on

      the USA get a small portion of oil that passes thru the Straight of Hormuz. We are the largest oil producer in the World. Don't get your panties in a bunch.

    22. @scottpetty4568 on

      To offer some more meaningful context, while Iran is a net exporter of oil, it is a net importer of food. While oil flows out from Iran through the Straits of Hormuz, Iran depends upon the flow of basic food stuffs inbound through those same straits. While Iran exports relatively higher value agricultural products like fruits, vegetables, melons and nuts, Iran is a substantial importer of lower value cereal crops like wheat, soya and especially rice. Iran ranks among the top 4 global importers of wheat, barley and rice. And that was prior to the recent droughts. Curiously, despite possessing among the largest natural gas reserves in the world, Iran is a top 5 global importer of urea, the main Nitrogen-based fertilizer which is made from natural gas. Iran cannot really close the Straits of Hormuz and survive as a society.

    24. @toddweaver2704 on

      How many oil and gold spikes have we had because of the actions of the Mulas and Iranian proxies. I think this action has the possibility ( if the Iranian people win there country back) to lower world oil prices, I mean you change the regime and they becomae a productive member of the free world and all those sanctions go away. I mean just the 100's of billions we spend yearly to defend from Iranian proxies will be worth it. China is the one who has an oil problem because they have illegally been breaking the sanctions and buying Iranian oil below market price. Russia also is losing there weapons manufacture. This action just might solve like two major war problems that are costing the world 100's of billions every month.

      Would think gold and oil would start falling pretty quickly. Considering Trump just released 50 million barrels of Venzuela crude dont know why oil would rise in the first place, just a knee jerk reaction to make money in a world were we are over supplied.

    28. @liamporter1137 on

      US must be stopped. They unilaterally implement tariffs, sanctions, fund chaos, chemical weapons, wars, print money freely and weaponized everything from US dollar, SWIFT etc. Remember the US lied about Iraq having weapons of mass destruction and invaded them which caused millions of life lost or displaced? The world is so messy now is due to the US hegemony. The US must be charged with war crimes for all the wars they've created throughout history.

    29. @BoZo-laughing on

      Gold will go up some and trade sideways. Silver will soar next week and then be heavily shorted. Price will crash again afterwards. It's the nature of the silver trade.

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