US stock markets close on high after Iran war drove oil prices above $100 a barrel

Markets settled after Trump claimed US-Israel war with Iran is ‘very complete’, bringing oil prices down to $85 a barrel How high could oil prices go – and what might the global economic fallout be? US stock markets closed on a high after oil prices swung wildly on Monday, reaching a four-year high in the morning that rattled Asian and European markets before settling down once Donald Trump said the US-Israel war with Iran is “very complete”. After surging past $100 a barrel on Monday morning, oil prices came down to $85 a barrel by the time that US stock markets closed in the afternoon. US stocks leaped at a report from a CBS News reporter that Trump thinks “the war is very complete, pretty much” because “they have no navy, no communications, they’ve got no air force”. The Dow closed at a 230-point jump, while the S&P and Nasdaq closed at 0.83% and 1.38% up – a wild turnaround after a tough morning for US stocks. Earlier in the day, oil prices were propelled to their highest level in four years after a weekend of escalating violence in the Middle East intensified concerns around a sustained supply crunch, triggering a deep stock market sell-off. At least five energy sites in and a