Oil prices surge over 7% after Trump threatens more Iran strikes
Oil prices surged over 7% after US President Donald Trump threatened more Iran strikes, undermining expectations for an imminent resolution to the Middle East conflict. The conflict has effectively closed the Strait of Hormuz, choking off supplies of crude and driving up energy prices.
Oil prices jumped after US President Donald Trump warned of more Iran strikes. Brent crude rose 7.6% to $108.83 per barrel, while US West Texas Intermediate crude rose 7.1% to $107.18. The conflict has closed the Strait of Hormuz, choking off crude supplies and driving up energy prices. The international benchmark is still almost 40% higher than before the war. The prospect of a resolution has injected optimism into markets, but energy rationing may be coming soon to some countries.
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