On Monday, markets swung from big losses to finish the day with gains, while oil prices neared $120 per barrel before falling back to about $90. Oil prices inched down further early Tuesday.
Helping to assuage investors’ fears, U.S. President Donald Trump told CBS News on Monday that he thinks “the war is very complete, pretty much.” However, Trump also made other somewhat contradictory comments that seemed to threaten intensified action against Iran if it makes any “attempt to stop the globe’s oil supply.”
Iran launched new attacks on Tuesday at Israel and Gulf Arab countries, keeping pressure on the Middle East in a war started by Israel and the United States 10 days ago that has sent oil prices surging.
Benchmark U.S. crude fell $5.44 to $89.33 a barrel. Brent crude, the international standard, dipped $6.97 to $91.99 a barrel. Oil prices are still up about 34% since the war began.
The average U.S. price for a gallon of gas continued to climb, rising to $3.54, according to auto club AAA on Tuesday. That average was just under $3 a gallon in the days before the conflict began, and $3.11 last week.
