Oil Soars as Iran War Continues

World markets swiftly and decisively reversed course following President Trump’s address last evening. While indicating a lot of progress has been made and the US may finish its operations in 2-3 weeks, threats of hitting Iran harder including potentially power generation facilities suggested things could get worse before they get better spooked investors.

Crude Oil has been soaring overnight. US Crude is up 12.0% trading near $112.00/bbl, Brent Crude is up 7.6% trading near $109.00/bbl. Gasoline is up 6.0% trading above $3.25/bbl.

Stock markets, on the other hand, are selling off. US index futures are down 1.4%-1.8% with the NASDAQ getting hit the hardest. Overseas, the DAX is down 2.2%, the FTSE is down 0.4%, the Nikkei fell 2.4% and the Hang Seng lose 0.7%.

Treasury yields are climbing again this morning, and the US Dollar is rallying. Gold is down 3.3%, Silver is down 7.2%, Copper is down 1.9%, Bitcoin is down 3.0%, the Euro is down 0.5% and the Loonie is down 0.3%.

Markets are closed tomorrow for Good Friday but Nonfarm Payrolls (Street 60K vs previous -92K) are due at 8:30 am EDT.

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