🚀 Oil Prices Skyrocket Due To Middle East Tensions

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. U.S. crude oil prices surged nearly 5% on Thursday, driven by concerns over a potential Israeli strike on Iran's oil infrastructure following Tehran's ballistic missile attack. President Biden's vague remarks about possible U.S. support for such action added to market tensions. West Texas Intermediate (WTI) crude reached an intraday high of $73.95 per barrel up 5.05% within 3 hours of US markets opening almost double the 3% gain it had experienced year to date. Brent crude is also seeing a significant rise. While supply risks are elevated, OPEC+ spare capacity could mitigate disruptions, though experts warn prices could soar if the Strait of Hormuz is impacted.

2. A federal judge has allowed a temporary restraining order against President Biden’s new student loan forgiveness plan to expire. This ruling permits the Biden administration to move forward with a plan that could benefit up to three-quarters of federal student loan holders. The case, initially brought by seven GOP-led states, was transferred to Missouri due to concerns about the impact on the Missouri Higher Education Loan Authority. The administration vowed to continue fighting for debt relief amid legal opposition from Republican states. The existing plan would provide debt relief to four specific groups, (i) those who qualified for loan forgiveness under an existing program but have been denied or haven’t applied before, (ii) students from schools whose degrees have been shown to provide low value in the job market, (iii) those who have already been repaying consistently for multiple decades, (iv) those whose current balance is higher than the original size of their loan.

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4. Headlines

   1. In addition to the $6.6B (shared yesterday) that OpenAI has raised, the company has also received a $4B line of credit giving the company $10B in liquidity.

   2. Starbucks is investing in farms to try and climate-proof its coffee.

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