On day 10 of the war with Iran, oil began trading above $100 per barrel and briefly reached $119. S&P 500 futures fell over 1% before the New York open; Japanâs Nikkei 225 fell 5.2% and South Koreaâs KOSPI fell 5.96%, while the U.K.âs FTSE 100 and the Europe Stoxx 600 declined in early trading.
G7 finance ministers were set to meet at 8:30 a.m. New York time to discuss releasing reserves held by the International Energy Agency, which were described as amounting to a one-month supply.
President Trump posted publicly that short-term oil prices were a âvery small price to payâ until âthe destruction of the Iran nuclear threat is over.â In the Oval Office the prior week, Trump described a worst-case scenario as a successor in Iran being âas bad as the previous person,â and the situation was characterized as matching that outcome.
The White House also granted India a sanctions waiver allowing it to buy more oil from Russia; Democrats described the waiver in a letter to Treasury Secretary Scott Bessent as an âact of material benefit to the enemy.â