Oil Prices Rocket After Iranian Airstrikes
Just after midnight, three Iranian nuclear sites were hammered from the sky, and the oil market reacted faster than a toddler in a cookie jar—crude shot up to its highest level in almost six months.
Brent Crude Wins the $78 Lottery
Early Monday trading saw Brent crude climb to $78 a barrel, as traders gawked at the looming threat of Iran’s next counter‑strike.
FTSE 100’s Blue‑Chip Get‑Up
- BP +1.1 %
- Shell +0.8 %
The index nudged up 2.9 points, landing at 8,777.6 as energy giants lifted spirits.
Strait of Hormuz: Shock or Soothing?
Joachim Klement of Panmure Liberum warns, “If the Strait of Hormuz shuts, we’re looking at a major stagflation shock – picture 2022’s boom‑and‑bust, but with a fresh twist.”
He predicts a 10‑20 % market correction and perhaps a new bear market if the trade war flares up again in early July.
What Happens If the Strait Stays Open?
Klement says the inflation shock will still be significant, but it won’t wreck the US, UK, or Eurozone economies for long. Expect an initial 5‑10 % dip in stocks. Whether that bounce lingers or deepens hinges on the next few weeks of trade tensions.
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