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Stock markets in free fall as oil goes over $100.
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“Doomsday” now looking increasingly plausible, analysts say, as fresh attacks further threaten oil supplies.
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Iran appointed a new supreme leader: He’s the son of the recently killed supreme leader.
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Trump called this his “worst case” scenario.
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Rising prices could hurt Republicans in the midterms.
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Coffee is up 18% since last year.
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The head of Citi’s “internal hit squad” has left
THE MARKETS
S&P 500 futures were down over 1% before the open in New York as the price of oil went over $100 per barrel. The index fell 1.33% in its last session. Asian markets were a disaster: Japan’s Nikkei 225 fell 5.2%, South Korea’s KOSPI fell 5.96%. Like toppling dominoes, the U.K.’s FTSE 100 was down 1.4% in early trading and the Europe Stoxx 600 sank 1.85%. The VIX “fear index” (volatility) is through the roof.
TOP STORIES
IRAN
It’s day 10 of the war with Iran. The price of oil briefly hit $119 per barrel this morning, and stock markets fell sharply around the world as it became clear that the war would become worse before it got better:
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Iran appointed Mojtaba Khamenei, the son of its recently killed leader, as its new supreme leader. He’s a hard-liner who will likely seek revenge for the death of his father.
Finance ministers from the G7 are set to meet at 8:30 a.m. New York time to discuss releasing reserves held by the International Energy Agency, according to the Financial Times. There’s only one problem with that: They have only a one-month supply.
President Trump told people not to worry. “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace. ONLY FOOLS WOULD THINK DIFFERENTLY!” he said on social media.
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