Iran stops negotiations… how high could oil go?… Jonathan Rose’s three IPO red flags… Elizabeth Warren pushes AI taxes and higher capital gains taxes… the data that undercuts her jobs argument…
As I write on Monday near lunch, U.S. oil prices have surged 7%, with West Texas Intermediate Crude jumping to nearly $94 a barrel and Brent crude approaching $97 a barrel.
Driving the price action is news that Tehran is halting negotiations with the U.S. and threatening to fully close the Strait of Hormuz in response to Israel’s escalating ground offensive in Lebanon.
The headline arrives at a fragile moment in the Middle East. Despite an uneasy ceasefire that took effect in early April, U.S. warplanes struck Iranian radar and drone facilities on Qeshm Island over the weekend. Meanwhile, Iran launched missiles and drones at Kuwait. Both sides claimed the other fired first.
Despite what appears to be a deteriorating geopolitical situation, yesterday, President Trump posted on Truth Social:
