As the US-led war in Iran continues to unfold, the global oil market is experiencing a significant shock. The price of crude oil has surged by over 10% since the conflict began, causing widespread disruption to economies and industries around the world.
The war's impact on the oil market is likely to be long-lasting, with many experts predicting that prices will remain high for several months or even years.
Meanwhile, President Donald Trump has claimed that the war is 'very complete' and 'pretty much over', despite ongoing military operations. This statement may have sparked confusion among investors and analysts, who are struggling to gauge the war's likely outcome.
Despite Trump's reassurances, the Pentagon continues to spend heavily on munitions and other supplies, with a budget of $5.6 billion already allocated for the first two days of the war alone. The administration is now seeking additional funds from Congress to sustain the strikes, which are likely to be fiercely contested.
One company set to benefit from the war is a drone manufacturer backed by Donald Trump's sons, who are aiming to supply the Pentagon with thousands of drones over the next few years. Other winners include six anonymous online gamblers who made $1.2 million betting on the first US strikes on Iran using cryptocurrency prediction markets.