Oil prices surge and markets react after Trump threatens Iran

Oil prices jumped and became volatile after President Donald Trump made threats against Iran. This caused a supply shock that rippled through global markets.

Analysts cut India's growth forecasts due to the energy shock, and U.S. refiner Phillips 66 reported nearly $1 billion in losses from the surging oil prices. Meanwhile, the situation has created dangerous options for countries like Iraq that need to move their oil exports.