Trump Sparks Oil Rally With Iran Spat, Then Rout With Trade War - Bloomberg:
Just over a week ago, crude prices were surging as attacks on Saudi Arabia’s oil tankers and pipeline network spurred fears that the Middle East was on the brink of military confrontation.
In the past two days, however, oil has suffered its biggest losses this year as those concerns are shunted aside by another type of conflict: the escalating trade war between the U.S. and China.
At the heart of both price moves is the foreign and economic policy of Donald Trump. In the former case, political tensions are flaring as the U.S. president puts a diplomatic squeeze on Iran and presses its rivals in Riyadh to keep oil markets well-supplied. In the latter, it’s Trump’s trade battle with China that’s now weighing on the outlook for the world economy and oil demand.
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