Once the White House clarified that President Trump hasn’t made a decision—and won’t for another two weeks—oil bulls hit the brakes hard.

The Federal Reserve and European Central Bank are both losing control over monetary policy as oil prices shoot up and President Donald Trump moves the US closer to war with Iran. What used to be clear decisions by central banks are now overshadowed by politics,

Oil prices rose on Thursday after Israel and Iran continued to exchange missile attacks overnight and U.S. President Donald Trump's stance on the conflict kept investors on edge. Brent crude futures rose $1.