Wall Street Journal: “One week into President Trump’s war on Iran, the most severe shock to energy markets since the 1970s is cascading through the world economy. The disruption quickly fed into higher gasoline and diesel prices at the pump, and higher mortgage rates and borrowing costs for the U.S. government, endangering Trump’s economic priorities.”
Playbook: “It’s not just the U.S. being impacted. Plenty of countries are even more vulnerable than America to an oil price shock, with big knock-on effects looming for their own economies. In Japan, which heavily relies on imported energy, the Nikkei stock market tumbled roughly 7 percent on opening last night, one of the biggest drops on record. In neighboring South Korea, trading was suspended after 20 minutes to avoid an economic crash. Dow futures fell too, so keep an eye on America’s own markets when trading opens this morning”
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