Reiterating his threats to attack Iran “extremely hard” in the coming weeks without providing specific ideas on how the war would end, US President Donald Trump has once again sent oil prices rising.
In the wake of Trump’s State of the Union address, stock markets across the globe experienced a decline, as Brent crude temporarily soared beyond $109 (£82) per barrel. He predicted that the United States would accomplish its war goals “very shortly” and then bomb Iran “back to the Stone Ages” over the next 2-3 weeks.
Oil prices fell below $100 earlier on Wednesday in anticipation of Trump’s speech, as investors awaited his announcement on the US’s withdrawal from the battle. However, Trump essentially restated his earlier statements.
Following Iran’s warning to attack ships attempting to transit the Strait of Hormuz in response to US-Israeli operations that started on 28 February, oil exports through this vital waterway have been mostly suspended.
Trump stated in his speech that the United States does not require energy from the Middle East and called on other countries to help restore oil exports from the Gulf that have been interrupted by the conflict.
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