US now less vulnerable to higher oil prices
The US has became a net oil exporter and the service economy uses less energy than the manufacturing sector
When US president Donald Trump announced the assassination of Qassem Soleimani, leader of Iran’s overseas military, western markets wobbled. No wonder. Oil prices initially jumped nearly 5%.
And what any trader worth their bonus knows — and a diminishing number personally remember — is that when Middle Eastern tensions created an oil price shock in the 1970s, the consequence was US stagflation.