Oil Surges Above $105 as Iran War Jolts Stocks and Pushes Gas Prices Toward $4
Oil rose above $105 a barrel Thursday after Iran rejected U.S. talks, sending London shares down over 1%. U.S. gasoline averaged $3.98 a gallon, up $1 from a month ago. The Strait of Hormuz remains a key risk, with Barclays warning a prolonged closure could remove up to 14 million barrels a day from the market. Wall Street futures and Asian shares fell as investors reassessed the impact.