Oil prices surge following Trump's new threats against Iran
Global oil prices rose by nearly $2 per barrel on Wednesday following statements by U.S. President Donald Trump regarding the possibility of new harsh strikes against Iran in the absence of a peace deal. This was reported by Reuters, according to UNN.
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Brent crude futures rose 1.8% to settle at $93.10 per barrel. U.S. West Texas Intermediate (WTI) crude rose 2% to end the day at $90.03 per barrel.
During the day, quotes climbed even higher after Trump stated that Iran could face attacks again following an overnight exchange of strikes between the parties, which was one of the most serious since the April ceasefire.
Market reacts to escalation
Prices later pared some gains after Trump reported that the U.S. military had secretly escorted tankers carrying more than 100 million barrels of oil through the Strait of Hormuz.
The U.S. President stated that this operation helped curb the rise in energy prices. According to him, without such actions, the cost of oil could have reached $250 per barrel.
Earlier, Trump also wrote on the Truth Social network that Tehran would "pay a price" for allegedly stalling negotiations on a peace settlement.
Oil prices moved from anxiety to apathy and back amid renewed clashes between the U.S. and Iran
Trump announced a new powerful attack on Iran10.06.26, 20:15