Weekly commentary on international finance and economics including global events and how world issues affect our domestic issues.
Oil is at a 4-Year High
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For this week, we will start with a stat that would otherwise garner headlines but is not on most people's radar right now, probably due to many other events in the news. Oil is at a 4-year high at slightly more than $80 per barrel. Last time we were at this stage, in 2014, Jay Leno and David Letterman were just retiring, the "ice-bucket challenge" was dominating social media and, even with high gas prices, people were singing about being "Happy."
Now there is a very different dynamic. One of the center points surrounds Iran, on which President Trump focused much of his United Nations fire this week. On November 6, the next phase of sanctions will kick in. While the rhetoric emanating from much of the rest of the world is in disagreement with the administration's stance on Iran, the President has given other oil customers in Europe and Asia a stark choice — either severely curtail oil purchases from Iran or lose access to the U.S. capital markets and the international payments system.
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