U.S. President Donald Trump said nations upset by high fuel prices should "go get your own oil" as Iran maintains its chokehold on the Strait of Hormuz.
His comments in a social media post on Tuesday came as average U.S. gas prices shot past $4 a gallon.
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As the Iran war intensifies, President Donald Trump has prioritized efforts to calm the financial markets — trying to keep oil prices from exploding upward, stocks from cratering and interest rates from surging.
When the markets have flashed danger, Trump has been quick with a social media post or a remark to claim the war he launched last month could soon end. He's publicly declared that the markets are doing better than he expected, even with the S&P 500 stock index declining over the past five weeks and the global oil benchmark up roughly 60%.
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Europe's inflation rate rose to 2.5% in March, according to official figures released Tuesday, as the Iran war sent fuel prices sharply higher.
The annual rate for the 21 countries using the euro currency compared to 1.9% for February before the war started and blocked supplies of oil and gas from the Persian Gulf.
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Oil steadied and Asian stocks were mostly lower Tuesday as signs of a de-escalation of the Iran war remained mixed.
Tokyo's Nikkei 225 was down 1.6% to 51,063.72. Losses after the Iran war began on Feb. 28 have been wiping out the gains it made from the beginning of the year.
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President Donald Trump on Sunday night said he has "no problem" with a Russian oil tanker off the coast of Cuba delivering relief to the island, which has been brought to its knees by a U.S. oil blockade.
"We have a tanker out there. We don't mind having somebody get a boatload because they need … they have to survive," Trump told reporters as he flew back to Washington.
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Paola Fouad Noun, a 25-year-old born and raised in Beirut, moved to San Francisco after completing her university studies in the United States, where she established herself within a specialized team of engineers in Forward Deployed Engineering at Ramp.
She played a foundational role in this field before its widespread expansion and transformation into a primary driver of the industry. At Ramp, which is currently valued at $32 billion, Noun holds a prominent position that has allowed her to witness and adapt to the radical shifts in software development methodologies.
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U.S. President Donald Trump is ready to "unleash hell" if Iran does not accept a deal to end the nearly four-week Middle East war, the White House warned Wednesday, but a defiant Tehran said it did not intend to negotiate.
The ramped-up rhetoric dashed hopes of any imminent de-escalation as violence on the ground showed no sign of abating, with Iran, Israel, Lebanon, Bahrain, Kuwait, Jordan and Saudi Arabia all coming under fire.
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Wall Street shot higher and global oil futures tumbled Monday after President Donald Trump extended his deadline for Iran to reopen the crucial Strait of Hormuz and said the U.S. would hold off on strikes against Iranian power plants and other energy infrastructure for five days.
Trump's post on social media about the strikes came as the war with Iran enters its fourth week. Futures for the S&P 500 and Dow Jones Industrial Average soared 2.6% before the opening bell. Oil prices also immediately reversed course, sinking as much as 10%. Benchmark U.S. crude slid $8.23 to $90 a barrel. Brent crude, the international standard, tumbled $9.02 to $103.17 a barrel.
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Countries in Asia are scrambling to conserve energy and protect consumers as the war on Iran and attacks on gas fields and oil refineries disrupt critical supplies, rattling markets and driving up prices.
The crisis is hitting Asia hardest because of its heavy reliance on imported energy, much of which is shipped through the Strait of Hormuz, a key choke point now under strain. Only about 90 vessels — mostly Indian, Pakistani and Chinese-flagged — have made it through the strait since the beginning of Israeli and U.S. attacks on Iran, and Iran's strikes against Israel and Gulf Arab neighbors, on Feb. 28.
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Iran intensified its attacks on oil and gas facilities around the Gulf on Thursday, dramatically raising the stakes in a war that is sending shock waves through the global economy.
The strikes, in retaliation for an Israeli attack on a key Iranian gas field, sent fuel prices soaring and risked drawing Iran's Arab neighbors directly into the conflict. Tehran's targeting of energy production further stressed global supply already under pressure because of Iran's stranglehold on the Strait of Hormuz, a strategic waterway through which a fifth of the world's oil is transported.
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