Asger Risom
Global stocks are falling and oil prices rising as Trump signals the Iran war could drag on, while California faces potential jet fuel shortages.
Global markets are under pressure as oil prices climb and uncertainty deepens.
At the same time, new warnings suggest parts of the US could soon face fuel shortages.
Markets react
According to Fortune, stocks fell across major markets as rising oil prices unsettled investors.
The S&P 500 slipped 0.41%, while European indexes also dropped, with the Stoxx 600 down 0.92% and the FTSE 100 falling 0.82%.
In Asia, trading was mixed. Japan’s Nikkei 225 rose 0.97%, while India’s Nifty 50 declined 1.12% and China’s CSI 300 dropped 0.35%.
Brent crude climbed to $106 per barrel, up from $101 the previous day, adding to concerns about inflation and economic stability.
Oil and fuel fears
The ongoing war in the Middle East is beginning to affect global fuel supplies, particularly in Asia and Europe.
California could soon face shortages as well, especially for jet fuel, due to its reliance on imports from Asia.
“If we don’t have some concrete [peace] deal here in the next three weeks, then I’m really nervous for the West Coast this summer in terms of jet fuel,” Patrick De Haan of GasBuddy told Fortune.
“That’s not going to be great for California’s economy,” he added.
Trump’s stance
President Donald Trump indicated he is not rushing to end the conflict with Iran.
“I have all the time in the World, but Iran doesn’t — The clock is ticking!” he wrote on Truth Social.
Speaking to reporters, he added: “If they don’t want to make a deal, then I will finish [the war] up militarily.” and “I don’t want to rush myself.”
Strait tensions
The Strait of Hormuz remains a critical flashpoint, with shipping still disrupted.
Trump said US naval forces have been ordered to act aggressively against threats in the area.
“I have ordered the United States Navy to shoot and kill any boat… that is putting mines in the waters of the Strait of Hormuz,” he said.
He added that US forces are currently working to clear the route.
Uncertain outlook
The combination of rising oil prices, military tensions and supply risks is increasing pressure on global markets.
Analysts warn that prolonged conflict could deepen economic strain, particularly if energy supplies remain disrupted.
At the same time, investors are watching closely for any signs of escalation or a possible diplomatic breakthrough.
Sources: Fortune
