After The 70% Oil Spike, Markets Are Bracing For The Next Big Move |
The U.S. produces more energy than it consumes. Yet the price of oil has soared about 70% since Feb. 28, when the U.S. and Israel attacked Iran, according to LiteFinance.
Oil trades on a global market — a dynamic that accelerated in 2015 when Congress lifted a ban on U.S. oil exports. And as has been known for weeks, the largely shuttered Strait of Hormuz has stopped the flow of 20% of the world’s oil supply, per the International Energy Agency.
In the stock market, the surge in energy prices since Feb. 28 has created some surprises. Many of the winners have been energy companies — but a memory-chip maker and vaccine producer Moderna have also enjoyed share-price gains.
On the losing side, software companies have suffered from something other than higher oil prices — the SaaSpocalypse.
Why Energy Prices Are Up Even With A U.S. Surplus
Since the Iran war began, oil, gasoline and diesel prices have surged between 38% and 70%. Here are some examples of price increases since Feb. 28:
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WTI crude oil is up 69.9% per barrel — from $65.65 to $111.54.
The national average price for regular unleaded gasoline per gallon up 37.9% — from $2.98 to $4.11.
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