Ahead of a deadline set by US President Donald Trump for Iran to open the vital Strait of Hormuz shipping channel, global oil prices have varied. In early trading, the price of benchmark Brent crude surpassed $111 (£84) per barrel. After that, it dropped below $108 a barrel once more before rising to roughly $110.
Trump vowed on Monday to destroy Iran “in one night” if it did not reach an agreement with the United States by Tuesday at 20:00 Washington DC time (00:00 GMT/01:00 BST on Wednesday).
Due to Tehran’s threats to target ships attempting to enter the strait in retribution for US and Israeli attacks since February 28, oil and gas shipments from the Middle East have been significantly interrupted. Speaking at the White House, Trump said that while he believed “reasonable” Iranian authorities were negotiating in “good faith,” the outcome remained unclear.
Following his increased warnings on Tuesday morning, US stock markets opened lower. The Nasdaq was down 0.7%, while the Dow Jones Industrial Average and S&P 500 were both down roughly 0.5%. Tonight, an entire civilization will perish and never return. He said on social media, I don’t want that to happen, but it probably will. Proposals for a short-term truce have so far been rejected by Iran, which demands the lifting of sanctions against the nation and a permanent halt to the conflict.
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