What US-Iran Tensions Could Mean for Your Wallet | theSkimm

What US-Iran Tension Could Mean for Your Wallet

Published on: Jan 3, 2020fb-roundtwitter-roundemail-round

Drama between the US and Iran goes waaay back. Now that the US has killed General Qassem Soleimani (one of Iran’s most powerful military leaders), the tension will likely escalate. And escalation could affect your wallet as well as the geopolitical scoreboard. Here’s how: 

You might pay more at the pump and beyond. Oil prices surged in the hours following the drone strike that killed Soleimani. And since Iran is expected to disrupt oil production in the region in retaliation, prices could jump even higher in the weeks to come. Meaning it could cost more to fill up your car and heat your home. Aaand probably take a trip, buy groceries, and ship that new Amazon order, too. Because lots of industries rely on planes, trains, automobiles, and other gas-guzzling machinery

Your investments could feel the heat. Major stock indexes don’t like drama. And the latest events are no exception: the S&P 500, Dow, and NASDAQ all fell after the markets opened Friday. But it’s not all bad news. ‘Safer’ assets like gold and gov bonds are stronger than yesterday as investors look for less risky places to grow their money. 

theSkimm: US-Iran tension could impact how much you pay for some pretty basic stuff. And shake up your investment portfolio. Which means it’s a good time to revisit your budget. Especially the food and utility parts.  

PS: This is a big story that's changing quickly. We’ll keep you updated as the story develops.