About that presidential address...
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What was President Trump's message regarding the Iran war?
When the president made the case for the Iran war, markets were not impressed. From Marketplace, I'm Sabri Beneshour, in for David Brancaccio. After President Trump's address to the nation last night, the price of oil went up and stocks went down. This was a total reversal of what markets were doing going into the speech when stocks rallied and oil prices fell. Investors had been hoping for more information from the president about when the war with Iran might be over. Instead, we heard that military strikes are going to be intense over the next two to three weeks and that the effective closure of the Strait of Hormuz is not the United States' problem. Marketplace's Nova Safo is here with more. Hi, Nova.
Good morning.
How did the markets react to the president's address?
So the Strait of Hormuz is, you know, at the center of what is happening to global energy prices. What did President Trump say about that?
Yeah, well, the president said, as he has before, that countries which directly get their oil from the Gulf region, we don't, should be securing the passage, not the United States. He also said this.
When this conflict is over, the Strait will open up naturally. It'll just open up naturally. They're going to want to be able to sell oil because that's all they have to try and rebuild.
Now, he's talking about Iran there. And what the president didn't address is that oil prices are set in a global market, as we know now. So we're affected here as well when there are supply shocks. Also, Iran has been allowing tankers it wants to allow through the Strait, a few of them, including its own. So without further intervention, the question is, does that become the new normal with that passageway?
The price of oil went up right on up after the president's stress. Does that mean investors are now expecting the oil supply problem to persist for longer than they did going into the speech?
That certainly seems to be the consensus takeaway. And I spoke this morning with Ryan Sweet of Oxford Economics.
The military timeline doesn't equal the economic timeline in that this is going to take months to see a lot of the energy production begin to ramp up and eventually normalize.
And before that can happen, of course, the Strait of Hormuz will need to be reopened. And we're seeing other countries now begin to grapple with how to do that after the fighting ends. That'll have to happen first. The UK is leading a virtual meeting of dozens of nations today to try to figure some of this stuff out. But there are no clear answers yet, Sabri, about what's going to happen next. All right. Marketplace is Novosafo. Thank you so much. You're welcome.
Time now to check the Marketplace Economic Pulse. This is our regular check-in on how the economy is doing from different perspectives. Today, the pawn indicator, as in pawn shops. For nearly 60 years, a place to hawk objects for cash has been a fixture in West Hollywood, California.
What implications does the Strait of Hormuz have on global energy prices?
In big letters, the storefront reads, Elliot Salter gives instant loans. And as with any pawn shop, the place also sells the collateral objects when the loan isn't paid back. Marketplace's David Brancaccio stopped in to meet Mr. Salter himself.
It's like a whole scene coming in here. But just give me a sense of what I'm looking at as you look around.
Okay, up on the top shelf, there's some kind of, it looks like a warship, a wooden warship. There's a sailboat.
There's vintage cameras, like from, well, the late 19th century, a couple of those maybe even. Audio equipment.
Excuse me. Thank you. Okay. All right, Gladstone. Take care. Good luck in selling them. Thank you.
Okay. A lot of guitars. So, I mean, like all sorts of stuff. It's some stuffed wildlife.
Yeah. Yeah. Taxidermy. Let's put it this way. I... have been doing this a long time. I mean, even before I opened my own store. And I always had an eye for unusual and quirky stuff. I guess it's a form of hoarding, but since it's interesting, it's more of a collection.
I'll give you the collection because it's not ramshackle. There's order here. You may see order. I see chaos. And over to Dave behind the counter.
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