Chemical Free Body

PLUNGING: Oil Prices Drop Like a Rock After President Trump’s Speech

The price of oil went down after President Trump’s speech this morning in response to Iran’s retaliatory air strike against two Iraq military bases where U.S. troops are housed.

The speech also had a converse effect on stocks as the S&P 500 and Nasdaq hit highs, Reuters reports.  Additionally, the Dow Jones saw an uptick of nearly 200 points.

Sebastien Galy, senior macro strategist at Nordea Asset Management in Luxembourg, told the wire service that the movement indicates that investors are betting on a de-escalation in middle East tensions.

“The impact on global risk assets will probably moderare from here as we are likely past the worst pat of the crisis,” John Vail, chief global strategist at Nikko Asset Management in Toyo, told Reuters.  “Neither side wants a war.”

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