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Estimates from Wall Street project that if oil prices stay elevated for too long, consumers will lose as much as they gain from the new tax law.
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Oil Drops as Trump Signals Iran Conflict Near End: Markets Wrap BloombergOil extends slide as investors assess Trump comments on Iran war, Strait of Hormuz CNBCOil prices fall and stocks rise after Trump says Iran war 'very complete' BBCThe 24 Hours When Oil Markets Went Wild WSJThe Wild 24-Hour Rise and Fall of Oil Prices The Atlantic
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China's Exports Surge in First Two Months of Year WSJChina exports surge despite Trump tariffs BBCChina exports sharply beat expectations as trade surplus in the first two months surges to highest on record CNBCChinese Exports Soared 22% Before Middle East War Broke Out Bloomberg.com
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The price of oil had spiked to nearly $120 a barrel on Monday, drawing remarks by President Trump that he believed the war on Iran was "very complete."
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As War Sends Gas Prices Soaring, Americans Wince: ‘Harder to Exist.' The New York TimesTrump administration starts to panic over rapidly rising oil costs CNNTrump Faces Pressure to Tame Surging Gasoline Prices BloombergTrump's War in Iran, and Rising Gas Prices, Collide With Midterm Agenda The New York Times‘We've got to pay attention': GOP anxiety spikes over rising energy prices Politico
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Trump Antisemitism Inquiry Demanding List of Jews at Penn Heads to Court The New York TimesUPenn May Face Long Odds As EEOC Seeks Jewish Staff List Law360Penn faces federal government in court to defend its refusal to turn over lists of Jewish employees AudacyJudge to Weigh Limiting EEOC's UPenn Jewish Staff List Request Bloomberg Law News
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Monday saw the most volatile swings in crude prices on record.
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War with Iran delivers another shock to the global economy AP NewsTrump administration starts to panic over rapidly rising oil costs CNNPendulum swings back on economy amid Iran conflict The HillHow the Iran War Could Hit Americans' Wallets The New York TimesTrump weighs easing Russia sanctions, other measures to cool oil prices Reuters
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Stock futures fall as traders weigh Trump's signal that Iran war may soon end: Live updates CNBCLive updates: Iran's next supreme leader is named as oil prices soar CNNIran Live Updates: After Global Economy Shudders, Trump Zigzags on Whether War Is Nearing End The New York TimesIran war may end ‘pretty quickly': What Trump told Republicans Al Jazeera
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Oil prices sink, stocks jump in dramatic reversal NBC NewsTracking gas and oil prices as war with Iran escalates CNNThe 24 Hours When Oil Markets Went Wild WSJOil plunges 10% on Trump's Iran comments, but the chaos could continue Business InsiderFears of 1970s-style stagflation arise with oil spike to $100. How big a threat is it? CNBC
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Trump is delaying Texas Senate endorsement to pressure GOP senators on SAVE America Act PoliticoState of Texas: Trump endorsement could decide Senate runoff between Cornyn and Paxton KXAN AustinThe Republicans Are Messing with Texas The New Yorker‘That's bad for him to say': Trump puts Paxton on notice in Texas Senate primary Politico
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President Trump insists the conflict will be brief, but world leaders are preparing for severe economic blowback.
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