Wednesday saw a rise in European stock prices and a temporary dip below $100 per barrel in oil prices following President Trump’s statement that the US will withdraw from Iran in “two to three weeks” regardless of the outcome of negotiations with Tehran. In response to Trump’s promise and in anticipation of his address this evening, in which he will “deliver an important update on Iran,” Brent crude dipped to $98.65 before slowly rising to $101.
The UK’s FTSE 100 index increased by 1.3 percent. Both the French Cac and the German Dax were up 1.8% and 2.1%, respectively. After Iran threatened to attack ships using the Strait of Hormuz, effectively shutting down the main shipping route, oil and gas prices skyrocketed during the US-Israel war. According to QatarEnergy, a fuel oil ship that they rented was “the subject of a missile attack” early Wednesday morning.
No injuries were reported among the crew members, and the incident was determined to have no negative effects on the environment. Iran fired three cruise missiles, two of which were intercepted, and the third struck the tanker, according to Qatar’s Ministry of Defense. In his Tuesday speech from the Oval Office, Trump stated that Iran is “begging to make a deal” but that the timing of the deal is “irrelevant” to America’s agenda.
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