Stocks fall on fears spiking oil will slow the global economy
Stocks fell Monday amid fears that a surge in oil prices after an attack in Saudi Arabia could slow global economic growth.
The Dow slid 155 points, the first decline in nine days for the index, which had climbed back to within 1% from a record Friday. The S&P 500 and Nasdaq pulled back about 0.4%.
West Texas Intermediate futures jumped more than 9% to trade at $60.07 per barrel. WTI briefly rose more than 15% overnight. The sharp move higher comes after a series of drone strikes on Saturday knocked out about half of Saudi Arabia’s daily crude production.
Saudi Aramco, Saudi Arabia’s national oil company, will reportedly try to restore about a third of the country’s production by Monday.
https://www.msn.com/en-us/money/markets/stocks-fall-on-fears-spiking-oil-will-slow-the-global-economy/ar-AAHllAm
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The cost to ship things will cost ~15% more at the moment.
This means the trickle down will trickle on you as you'll pay the price for this. Throw in the tariffs and gee, are we screwed yet or what?
