Oil prices surge, as stocks tumble on Iran war worry
NEW YORK/LONDON, – Oil prices surged on Thursday and global equity markets retreated after remarks by U.S. President Donald Trump dashed hopes of a swift resolution to the Iran war.
Still, European shares trimmed losses and U.S. bond prices clawed back gains on renewed hopes of a reopening of the Strait of Hormuz. Iran was drafting a protocol with Oman to monitor traffic in the narrow waterway through which a fifth of global oil and liquefied natural gas is shipped, its foreign ministry said.
