White House defends oil price whiplash

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Happy Thursday. Someone astutely pointed out on social media that “man was not meant to monitor this many situations.” I’ve seen so many journalists make jokes about this post.  OK, back to turning off my AC and swapping it for heat because of the potential snow (?!) we may get today. It was in the 80s yesterday! 🙃

The whipsaw of oil prices over Iran

The whipsaw of oil prices over Iran

New Iran leader’s first message to US

New Iran leader’s first message to US

GOP sounds alarm over economy

GOP sounds alarm over economy

UFC fighters to train FBI agents

UFC fighters to train FBI agents

Journalist dives into sports betting world

Journalist dives into sports betting world

Crude oil prices are on a bumpy roller coaster today. Brent crude, the international benchmark, is trading about $99 today after topping more than $100 overnight for the second time since the military operation began.

For context, oil prices over the past year have traded for roughly $60-$70. 📈 Check out this graph of oil prices

Energy Secretary Chris Wright justified the price surge to CNN this morning as a “short-term energy disruption for just huge long-term gain.”

And shortly after, President Trump went online to stress that message and predicted the U.S. will make money from rising oil prices.

“When oil prices go up, we make a lot of money. BUT, of far greater interest and importance to me, as President, is [stopping] an evil Empire, Iran, from having Nuclear Weapons, and destroying the Middle East and, indeed, the World,” he posted.

The president assured supporters in Kentucky on Wednesday that oil prices will sharply decline soon.

Iran’s new leader delivers first message: Iranian state media broadcast what is purportedly the first message from the country’s new supreme leader. In the message, read by another person on air, Mojtaba Khamenei vowed to block the Strait of Hormuz, the critical global passage for oil.

^ The worry about Iran’s new leader: The Atlantic’s Karim Sadjadpour writes that Trump “was hoping for an Iranian Delcy Rodríguez. Instead, he may have produced an Iranian Kim Jong Un.”  Read: ‘The Iranian Regime Doubles Down’

To ease the pain of surging gas prices: A group of countries is releasing its largest-ever amount from their own oil stockpiles and Trump is releasing 172 million barrels of oil from the U.S.’s strategic reserve.

💡 Why this matters: Surging oil prices have become one of the biggest threats to the American economy, Trump’s job approval and possibly Republicans’ chances of keeping control of Congress later this year.

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