Like I told your lover Hafar, give me a date as to what you consider short term. We will see if prices have gone down by then.
Oil prices hit their highs of the day after President
Donald Trump said in a Truth Social post that there won’t be a deal to end the U.S.-Iran war
without an “unconditional surrender” from the Middle Eastern country.
No boots on the ground unconditional surrender? That's not going to happen.
Qatar’s energy minister, Saad al-Kaabi, told
The Financial Times that Gulf energy producers may need to call force majeure in the coming days, shutting down production in a move that could send oil to $150 a barrel. The conflict in the Middle East could “bring down the economies of the world,” he warned.
The bands between the high-end and the low-end of oil prices “have widened out significantly,” according to Jed Ellerbroek, portfolio manager at Argent Capital Management. Even if you haircut al-Kaabi’s projection by 20%, prices are still at levels that are “scary as hell,” he added.
“If I’m a trader ... I’m not real pumped about owning a bunch of economically sensitive stocks through a weekend at war with Iran, with President Trump’s volatility and unpredictability,” Ellerbroek said. “I think the longer this goes on, the more it will seep into stock market behavior.”