The economic consequences are already being felt worldwide. Oil prices surged for a second consecutive session on Friday, with Brent crude closing up 4.22% at $112.57 per barrel. The US benchmark, West Texas Intermediate, leapt 5.46% to $99.64 — flirting with the psychologically significant $100 mark.
Analyst Andy Lipow of Lipow Oil Associates pointed to Trump’s extended ultimatum as a source of anxiety rather than relief: “It means there will be ten additional days of disruptions in the Middle East” for crude and its derivatives. With no tangible diplomatic progress in sight, traders are pricing in continued turmoil.