Wall Street opened lower again as the oil rally continues, but Trump says: ‘I expected worse"

Even for Wall Street, Thursday’s opening was in negative territory. The United States and Iran have been unable to reach a compromise to end the conflict, and the markets are feeling the impact.

Specifically, the Dow Jones Industrial Average fell 0.49% to 46,203.64 points, the Nasdaq Composite dropped 1.15% to 21,678.80 points, while the S&P 500 lost 0.78% to 6,541.79 points. These figures are completely different from the previous day’s opening, confirming that volatility remains a constant feature in the U.S. markets.

Oil and gas continue to be the undisputed protagonists of this highly unstable geopolitical scenario. Brent crude has risen back above $107 per barrel, while U.S. West Texas Intermediate (WTI) futures climbed 3.6% to $93.61 per barrel.

However, Donald Trump, during his latest speech at the White House, expressed optimistic words, stating that the country’s economic situation is not as bad as he had expected. The president said that neither the spike in oil prices nor the stock market drop during the Iran crisis was as severe as anticipated, adding: “Everything will return to previous levels and probably even lower.”

Trump also stated that the economic damage will reverse once the war ends, reiterating: “My predictions have been right.” Nevertheless, in recent days, Wall Street economists have increased the odds of a recession over the next 12 months, largely arguing that unless the conflict ends soon, the economic damage caused by inflation and oil-related repercussions could lead to a contraction.