Officials from US President Donald Trump’s administration estimated during a congressional briefing this week that the first six days of the war on Iran had cost the United States at least US$11.3 billion (S$14.4 billion), a source familiar with the matter said on March 11.
The busiest U.S. container seaport in Los Angeles is mostly insulated from supply chain upheaval sparked by U.S.-Israel attacks on Iran that have spiraled into a regional conflict, its executive director Gene Seroka said on Thursday.
Goldman Sachs expects Brent oil to average over $100 a barrel in March, and $85 in April, it said on Friday, as energy prices remain volatile due to the Iran war and damage to Middle East energy infrastructure and disruptions in the Strait of Hormuz.
Oil prices dropped on Friday morning after the U.S. issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea, easing supply concerns.
The U.S. budget deficit for February was nearly flat with a year earlier at $308 billion as growth in receipts and outlays was largely even, with receipts from President Donald Trump’s tariffs not yet reflecting the U.S. Supreme Court’s ruling against many of his duties last month.
Iran said the world should be ready for oil at US$200 a barrel as its forces hit merchant ships on Wednesday and the International Energy Agency recommended a massive release of strategic reserves to dampen one of the worst oil shocks since the 1970s.