President Donald Trump’s pledge late on March 3 to insure and protect oil and LNG tankers in the effectively shuttered waterway helped stop the surge in oil and gas prices. Energy analysts have pointed to expensive or unavailable insurance coverage as a key reason for the lack of traffic, in addition to the threat of attacks. But the unprecedented explosion of a Russia-flagged LNG tanker in the Mediterranean added more unease to global energy markets. Reuters reported that Ukraine was suspected of a drone attack on the vessel.
This is exactly the kind of move that rattled software stocks in February—our shares at Thomson Reuters fell more than 30% in the initial selloff. But when we announced CoCounsel’s one million users, our stock jumped 11% in its biggest single-day gain since 2009.
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