Oil price tops $100 a barrel as US prepares strait of Hormuz blockade; Goldman Sachs posts rise in profits – business live

Oil surges past $100 a barrel as U.S. blockade threat against Iran roils markets, sending airline stocks tumbling. | Contesto: cronaca

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• Oil price tops $100 a barrel as US prepares strait of Hormuz blockade; Goldman Sachs posts rise in profits – business live

Contesto

Global oil prices surged past the $100 per barrel threshold on Wednesday as financial markets reacted to the escalating prospect of a U.S. naval blockade of the Strait of Hormuz, a critical chokepoint for the world's seaborne crude. The dramatic price spike, which sent shockwaves through equity and commodity markets, followed the collapse of diplomatic talks between Washington and Tehran over the weekend and explicit threats from the Trump administration to sever Iran's primary oil export route. The immediate trigger for the market panic was the failure of negotiations aimed at de-escalating tensions, leaving the U.S. threat to interdict Iranian oil tankers in the Strait as the most likely next step. This narrow waterway, located between the Persian Gulf and the Gulf of Oman, is arguably the world's most important oil transit corridor, with an estimated one-fifth of global supply passing through its confines daily. Any sustained disruption there threatens to create an immediate and severe physical shortage of crude on international markets, a risk now being priced in by traders. The repercussions spread swiftly beyond the energy complex. Shares in major European airlines plummeted in early trading, reflecting investor fears that soaring jet fuel costs will cripple profitability. British Airways' parent company, International Airlines Group (IAG), saw its stock fall by over 2%, while budget carriers were hit even harder. Hungary's Wizz Air led the declines, tumbling 6.5%, and easyJet dropped 3.8%. The sector, already operating on thin margins, is highly sensitive to fuel price volatility, and a sustained period above $100 oil would necessitate drastic cost-cutting or fare increases. Amid the turmoil, one Wall Street giant reported a contrasting narrative. Goldman Sachs posted a rise in profits, capitalizing on the extreme market volatility. The investment bank's trading desks, particularly in commodities and fixed income, are understood to have benefited significantly from the wild swings triggered by the geopolitical standoff. This performance underscores how financial institutions with sophisticated risk-taking operations can profit from crisis conditions that...

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Categoria: cronaca